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ENN Clean Energy International Investment Limited - Tender Offer (MDA) - Results and Update

ENN Clean Energy International Investment Limited - OFFER TO PURCHASE FOR CASH OF UP TO US$120,000,000 IN PRINCIPAL AMOUNT OF ITS OUTSTANDING 3.375% GUARANTEED SENIOR NOTES DUE 2026 (i) DETERMINATION OF THE TOTAL CONSIDERATION (ii) RESULTS OF THE TENDER OFFER AS OF THE EARLY PARTICIPATION DATE AND EXPECTED EARLY PAYMENT DATE (iii) INCREASE IN THE TENDER OFFER CONSIDERATION

23 JANUARY 2024


Full announcement including disclaimers and offer restrictions available via Hong Kong Exchanges and Clearing Ltd


The Company has made an offer to purchase the Notes for cash of up to the Tender Cap under a modified Dutch auction procedure. The Company has made available to the Holders the Offer to Purchase setting forth, among other things, the terms and conditions of the Tender Offer. The Tender Offer commenced on January 8, 2024 and will expire at 5:00 p.m., New York City time, on February 6, 2024, unless extended or earlier terminated by the Company in its sole discretion. The Early Participation Date has now expired. Holders who tendered Notes on or prior to the Early Participation Date and accepted by the Company will receive the Total Consideration of US$948 per US$1,000 principal amount of Notes. In addition to the Total Consideration, Holders who tendered Notes that are accepted for purchase by the Company will receive a cash payment representing the Accrued Interest.

As of the Early Participation Date, US$80,432,000 in principal amount of the Notes have been validly tendered and not withdrawn. The Company hereby announces acceptance for purchase all of such Notes without applying any proration. The early settlement of such Notes is expected to take place on or about January 25, 2024 unless further extended by the Company in its sole discretion. The Company also wishes to notify the Holders that it has exercised its discretion pursuant to the terms and conditions of the Offer to Purchase to increase the Tender Offer Consideration to the same amount as the Total Consideration, being US$948 per US$1,000 principal amount of Notes. In addition, Holders who tendered Notes that are accepted for purchase by the Company will receive a cash payment representing the Accrued Interest."


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ENN Clean Energy International Investment Limited - OFFER TO PURCHASE FOR CASH OF UP TO US$120,000,000 IN PRINCIPAL AMOUNT OF ITS OUTSTANDING 3.375% GUARANTEED SENIOR NOTES DUE 2026


08 JANUARY 2024


Full announcement including disclaimers and offer restrictions available via Hong Kong Exchanges and Clearing Ltd 


The Company is making an offer to purchase the Notes for cash of up to the Tender Cap under a modified Dutch auction procedure. The Company has made available to the Holders the Offer to Purchase setting forth, among other things, the terms and conditions of the Tender Offer. The Tender Offer commences on January 8, 2024 and will expire at 5:00 p.m., New York City time, on February 6, 2024, unless extended or earlier terminated by the Company in its sole discretion.

The Tender Offer is part of the balance sheet management activities of the Group, and is being made to reduce the Group’s outstanding non-functional currency denominated debts, so as to reduce foreign exchange risk and to optimize the Group’s capital structure. The Company believes that the Tender Offer provides an opportunity to the Holders to gain liquidity with respect to the Notes (by tendering their Notes for purchase by the Company) that might not otherwise be available to the Holders."


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"BID PRICE RANGE


The following table summarizes certain terms of the Tender Offer for each US$1,000 aggregate principal amount of Notes:




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"REASONS AND BENEFITS FOR THE OFFER


The Tender Offer is part of the balance sheet management activities of the Group, and is being made to reduce the Group’s outstanding non-functional currency denominated debts, so as to reduce foreign exchange risk and to optimize the Group’s capital structure. The Company believes that the Tender Offer provides an opportunity to the Holders to gain liquidity with respect to the Notes (by tendering their Notes for purchase by the Company) that might not otherwise be available to the Holders. The Company will use cash on hand to consummate the Tender Offer."


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***PREVIOUS ENN (ENERGY HOLDINGS LIMITED) OFFER BELOW***


 

OFFER TO PURCHASE FOR CASH OF UP TO US$200,000,000 IN PRINCIPAL AMOUNT OF 2.625% SENIOR NOTES DUE 2030 (THE “NOTES”) (i) RESULTS OF THE TENDER OFFER AS OF THE EXPIRATION DATE (ii) EARLY SETTLEMENT - US26876FAC68 - USG3066LAF88

11 DECEMBER 2023


Full announcement including disclaimers and offer restrictions available via Hong Kong Exchanges and Clearing Ltd 


"The Company made an offer to purchase the Notes for cash of up to the Tender Cap (as increased by the Company) under a modified Dutch auction procedure. The Tender Offer commenced on 8 November 2023 and expired at 5:00 p.m., New York City time, on 8 December 2023 (the “Expiration Date”). As of the Expiration Date, US$211,538,000 in principal amount of the Notes had been tendered and not been withdrawn pursuant to the Tender Offer. The Company accepted for purchase US$200,000,000 in principal amount of the Notes (i.e., in the amount of the increased Tender Cap) that were validly tendered by the Early Participation Date for the Total Consideration of US$831.82 per US$1,000 principal amount of Notes. The early settlement of the Tender Offer took place on 28 November 2023."


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"RESULTS


The Tender Offer expired at 5:00 p.m., New York City time, on 8 December 2023. As of the Expiration Date, US$211,538,000 in principal amount of the Notes had been tendered and not been withdrawn. The Company accepted for purchase US$200,000,000 in principal amount of the Notes (i.e., in the amount of the increased Tender Cap) that were validly tendered by the Early Participation Date for the Total Consideration of US$831.82 per US$1,000 principal amount of Notes. Since the Tender Offer was oversubscribed with regards to the increased Tender Cap as of the Early Participation Date, no Notes tendered after the Early Participation Date were accepted."


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OFFER TO PURCHASE FOR CASH OF UP TO US$150,000,000 IN PRINCIPAL AMOUNT OF 2.625% SENIOR NOTES DUE 2030 (THE “NOTES”) (i) DETERMINATION OF THE TOTAL CONSIDERATION (ii) RESULTS OF THE TENDER OFFER AS OF THE EARLY PARTICIPATION DATE AND INCREASE IN THE TENDER CAP (iii) EXPECTED EARLY PAYMENT DATE - US26876FAC68 - USG3066LAF88


26 NOVEMBER 2023


Full announcement including disclaimers and offer restrictions available via Hong Kong Exchanges and Clearing Ltd 


"The Company has made an offer to purchase the Notes for cash of up to the Tender Cap under a modified Dutch auction procedure. The Tender Offer commenced on 8 November 2023 and will expire at 5:00 p.m., New York City time, on 8 December 2023, unless extended or earlier terminated by the Company. The Early Participation Date has now expired. Holders who tendered Notes on or prior to the Early Participation Date and accepted by the Company will receive the Total Consideration of US$831.82 per US$1,000 principal amount of Notes. As of the Early Participation Date, US$211,538,000 in principal amount of the Notes have been validly tendered and not withdrawn. The Company hereby announces that it has increased the Tender Cap from US$150,000,000 to US$200,000,000 in principal amount of Notes. The Company hereby announces acceptance for purchase US$200,000,000 in principal amount of the Notes that were validly tendered by the Early Participation Date for the Total Consideration of 2 US$831.82 per US$1,000 principal amount of Notes.


The early settlement of such Notes is expected to take place on or about 28 November 2023."


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"The following table summarises the material pricing terms of the Tender Offer for each US$1,000 aggregate principal amount of Notes:"



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OFFER TO PURCHASE FOR CASH OF UP TO USD 150,000,000 IN PRINCIPAL AMOUNT OF 2.625% SENIOR NOTES DUE 2030 - US26876FAC68 - USG3066LAF88

08 NOVEMBER 2023


Full announcement including disclaimers and offer restrictions available via Hong Kong Exchanges and Clearing Ltd


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"The Tender Offer is part of the balance sheet management activities of the Group, and is being made to reduce the Group’s outstanding non-functional currency denominated debts, so as to reduce foreign exchange risk and to optimise the Group’s capital structure. The Company believes that the Tender Offer provides an opportunity to the Holders to gain liquidity with respect to the Notes (by tendering their Notes for purchase by the Company) that might not otherwise be available to the Holders".


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