Cadent hits cap in £400m tender

Cadent Gas Van
By Mike Turner
10 Oct 2019

Cadent Gas, the UK gas distribution company, concluded a tender offer, buying back £400m ($498.25m) of its 2021 bonds, with investors offering to sell back more than the maximum target.

The issuer announced a tender on its £650m 1.125% September 2021 debt, offering sellers a 20bp fee. 

Bondholders indicatively tendered £487.179m of the notes, though Cadent said at he start of the process that it would buy back a maximum of £400m. The deal leaves £250m of the bonds ...

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