International Power (Cayman) Limited 2 per cent. Senior Convertible Notes due 2005
Not for distribution or release into the United States or Italy
2 per cent. Senior Convertible Notes due 2005 – conditional tender offer for outstanding notes
International Power (Cayman) Limited (the "Company") has commenced a conditional tender offer (the "Tender Offer") for any and all of the outstanding 2 per cent. Senior Convertible Notes due November 2005 (the "Notes") issued by the Company and unconditionally guaranteed by International Power plc. There is currently US$103,502,000 in principal amount of the Notes outstanding after certain holders of the Notes exercised their option to put the Notes back to the Company on 24 November 2003. The Tender Offer has been made to provide further efficiency to the Group’s funding, in particular taking account of the Notes’ redemption date now being less than two years away. In addition, the Tender Offer will update the terms of the Notes with those of the Group’s subsequent bonds and bank facilities.
Further Information:
The purchase price for the Notes is US$1,082.50 for each US$1,000 principal of Notes tendered. Accrued and unpaid interest from and including the last interest payment date and up to but excluding the Settlement Date shall be paid on the Settlement Date.
The Tender Offer will expire on 26 March 2004 unless extended or earlier terminated by the company in accordance with the terms of the Tender Offer.
The Tender Offer is described in a tender offer document that is available for collection from the Tender Agent (Deutsche Bank AG). All correspondence in connection with the Offer should be addressed to the Tender Agent. The Tender Offer is not being made into, and tenders will not be accepted from or on our behalf of noteholders in, any jurisdiction (including the United States and Italy) in which the making of the Tender Offer would not be in compliance with the laws of such jurisdiction. Any holder or beneficial owner that has questions concerning tender procedures should contact the Tender Agent.
Tender Agent: Deutsche Bank AG, London
Reference: Trust and Securities Services
Telephone: 020 7547 5000
Fax: 020 7547 5001
Email: xchange.offer@db.com
For further information please contact:
Investor Relations contact:
Melony Thomas
+44 (0)207-320-8661
This Announcement is directed at persons outside the United Kingdom and persons falling within the definition of “Investment Professional” (as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (the “Order”) or persons who are within Article 43 of the Order. This announcement must not be acted on or relied on by any other persons.