DPL Inc. Announces Pricing for Debt Tender Offers.DAYTON, Ohio Dayton is a city in southwestern Ohio, United States. It is the county seat and largest city of Montgomery County. As of the 2005 census estimate, the population of Dayton was 158,873. -- DPL (Digital PowerLine) An earlier technology for transmitting a 1 Mbps data signal over electric power lines from Nortel Networks. It was developed in the late 1990s, but later abandoned due to implementation difficulties. See broadband over power lines. Inc. (NYSE NYSE See: New York Stock Exchange :DPL) announced today the reference yield and purchase price for each series of notes included in its previously announced offers to purchase the securities listed in the table below for a maximum aggregate purchase price of up to $246 million. Subject to the terms and conditions of the offers, as described in the Company's Offer to Purchase dated July 14, 2005 (the "Offer to Purchase") for each $1,000 principal amount of notes tendered and accepted for purchase, the Company has offered to pay a price that results in a yield to maturity for each respective series of notes equal to the sum of: (i) the yield to maturity, calculated by the dealer manager in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with standard market practice, corresponding to the bid-side price of the applicable Reference U.S. Treasury U.S. Treasury Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, U.S. Security (as measured at 2:00 p.m., New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on the tenth business day prior to the expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created of the tender offer), plus (ii) the applicable fixed spread set forth for such series. In addition to the purchase price, holders whose notes are accepted for purchase will also be paid any accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. and unpaid interest calculated up to, but not including, the settlement date. The table below specifies the Reference U.S. Treasury Security, Reference Yield, Fixed Spread and Purchase Price per $1,000 principal amount for each series of notes included in the tender offers.
Maximum Reference U.S.
Title of Security; Tender Offer Priority Treasury
CUSIP Number Amount Level Security
---------------------------------------------------------------------
Maximum Tender Offer
---------------------------------------------------------------------
8.125% Capital Securities $246,000,000 N/A 5.375% U.S.
due 2031; 23330AAC4 Treasury Note
due February 15,
2031
---------------------------------------------------------------------
Contingent Tender Offers
---------------------------------------------------------------------
6.875% Senior Notes due (a) 1 4.125% U.S.
2011; 233293AH2 Treasury Note
due May 15, 2015
---------------------------------------------------------------------
8.0% Senior Notes due 2009; (b) 2 3.625% U.S.
233293AJ8 Treasury Note
due June 15, 2010
---------------------------------------------------------------------
Purchase
Fixed Price per
Spread $1,000
Title of Security; Reference (basis Principal
CUSIP Number Yield points) Amount
---------------------------------------------------------------------
Maximum Tender Offer
---------------------------------------------------------------------
8.125% Capital Securities due 2031; 4.477% 161 $1,264.56
23330AAC4
---------------------------------------------------------------------
Contingent Tender Offers
---------------------------------------------------------------------
6.875% Senior Notes due 2011; 4.265% 62 $1,103.20
233293AH2
---------------------------------------------------------------------
8.0% Senior Notes due 2009; 4.090% 88 $1,100.20
233293AJ8
---------------------------------------------------------------------
(a) The Company will purchase an amount of the 2011 Notes equal to the
excess, if any, of the Maximum Tender Offer Amount over the
aggregate Purchase Price for the 2031 Notes accepted for purchase.
(b) The Company will purchase an amount of the 2009 Notes equal to the
excess, if any, of the Maximum Tender Offer Amount over the
aggregate Purchase Price for the 2031 Notes and the 2011 Notes
accepted for purchase.
The Company's offers consist of one offer (the "Maximum Tender Offer") to purchase an amount of the Company's 8.125% Capital Securities due 2031 (the "2031 Notes") for a maximum aggregate purchase price of up to the Maximum Tender Offer Amount and two additional offers (each a "Contingent Tender Offer"), one to purchase an amount of the Company's 6.875% Senior Notes due 2011 (the "2011 Notes") and the second to purchase 8.0% Senior Notes due 2009 (the "2009 Notes") for an aggregate purchase price equal to the excess, if any, of the Maximum Tender Offer Amount over the aggregate purchase price for the 2031 Notes accepted for purchase by the Company in the Maximum Tender Offer. The amount of 2011 Notes and 2009 Notes that is purchased in each Contingent Tender Offer, if any, will be based on the order of priority for such series of notes, as set forth above. The Company will accept notes for purchase on a pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. basis, if applicable, pursuant to the Offer to Purchase. The offers are independent and no offer is conditioned upon any minimum amount of notes being tendered. The Contingent Tender Offers, however, are conditioned on the Maximum Tender Offer Amount exceeding the aggregate purchase price for the 2031 Notes accepted for purchase. If the aggregate purchase price for the 2031 Notes accepted for purchase is equal to the Maximum Tender Offer Amount, no notes tendered in the Contingent Tender Offers will be accepted for purchase. Each offer will expire at 12:00 midnight, New York City time, on August 10, 2005, unless extended. The Company will also redeem redeem v. to buy back, as when an owner who had mortgaged his/her real property pays off the debt. The term also refers to paying the amount due and all charges after a foreclosure (due to failure to make payments when due) has begun. $200 million principal amount of its 8.25% notes due 2007 on August 29, 2005. Notice of such redemption has been sent to the holders of the notes. The Company has engaged Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. & Co. Incorporated as
dealer manager for the offers. Persons with questions regarding the
offers should be directed to Morgan Stanley toll-free at (800) 624-1804
or collect at (212) 761-1864 (attention: Arthur Rubin Arthur L. Rubin (born 1956) is an American mathematician who has earned a place among the five top-ranked undergraduate competitors (who are themselves not ranked against each other) in the William Lowell Putnam Competition four times (1970–73), a feat matched by only six ). Requests for
documents should be directed to Global Bondholder BondholderA firm often has stockholders and bondholders. In a liquidation, the bondholders have first priority. bondholder An individual or institution that owns bonds in a corporation or other organization. Services Corporation, the Information Agent for the offers, toll-free at (866) 612-1500 or collect at (212) 430-3774. This press release is for informational purposes only and is not an offer to purchase or a solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of an offer to purchase with respect to any of the debt securities. The offers are being made solely by the Offer to Purchase and the related Letter of Transmittal Letter of Transmittal A document used by security holder to accompany certificates surrendered in an exchange or other corporate action. . About DPL DPL Inc. (NYSE:DPL) is a regional electric energy and utility company. DPL's principal subsidiaries include The Dayton Power and Light Company (DP&L); DPL Energy, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (DPLE DPLE Declarative Programming Languages in Education (conference) DPLE Digital Principle Local Exchange DPLE Danish Primary Laboratory for Electricity ); and DPL Energy Resources, Inc. (DPLER). DP&L, a regulated electric utility, provides service to over 500,000 retail customers in West Central Ohio; DPLE engages in the operation of merchant peaking generation facilities; and DPLER is a competitive retail electric supplier in Ohio, selling to major governmental, industrial, and commercial customers. DPL, through its subsidiaries, owns and operates approximately 4,400 megawatts of generation capacity, of which 2,800 megawatts are low cost coal-fired units and 1,600 megawatts are natural gas fired peaking units. Further information can be found at www.dplinc.com. Certain statements contained in this release are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ". Matters presented which relate to events or developments that are expected to occur in the future, including management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters constitute forward-looking statements. Forward-looking statements are based on management's beliefs, assumptions and expectation of the Company's future economic performance, taking into account the information currently available to management. These statements are not statements of historical fact. Such forward-looking statements are subject to risks and uncertainties and investors are cautioned that outcomes and results may vary materially from those projected due to many factors beyond DPL's control. Forward-looking statements speak only as of the date of the document in which they are made. We disclaim dis·claim v. dis·claimed, dis·claim·ing, dis·claims v.tr. 1. To deny or renounce any claim to or connection with; disown. 2. To deny the validity of; repudiate. 3. any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in our expectations or any change in events, conditions or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or on which the forward-looking statement is based. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion