Press Releases
11/07/2006
International Power has successfully placed its €200 Million Senior Convertible Bond Offering
This announcement is not for distribution or release in the United States of America, Canada, Japan or Italy or in any other jurisdiction in which offers or sales would be prohibited by applicable law.
(London – 11 July 2006) Following the closing of the bookbuild period, International Power announces the successful placement of its €200 million offering of Senior Convertible Bonds (the “Convertible Bonds”).
The conversion price has been set at €5.64 per ordinary share of International Power based on a conversion price in Sterling of £3.91. This represents a conversion premium of 35% above the volume weighted average price during the bookbuild period.
The issue price of the Convertible Bonds is 100%. The coupon has been set at 3.25% payable semi-annually in arrear. The Convertible Bonds will be redeemed at their principal amount on the maturity date (which is expected to be on or about 20 July 2013), unless previously redeemed, converted or purchased and cancelled.
ABN AMRO Rothschild and Citigroup Global Markets Limited are acting as joint bookrunners and joint lead managers.
International Power has granted Citigroup Global Markets Limited an over-allotment option, exercisable until the closing date of the transaction, to purchase up to an additional €30 million principal amount of the Convertible Bonds.
Settlement of the Convertible Bonds is expected to take place on or about 20 July 2006. Application will be made to admit the Convertible Bonds to trading on the London Stock Exchange plc’s gilt edged and fixed interest market, however settlement of the Convertible Bonds is not conditional upon obtaining such admission to trading.
Disclaimer
This announcement is for information purposes only, is not an offering memorandum or prospectus and should not be treated as offering material of any sort. This announcement constitutes an advertisement for the purposes of Article 15 of Directive 2003/71/EC. A prospectus in relation to the admission to trading of the Convertible Bonds on the gilt edged and fixed interest market of the London Stock Exchange is expected to be published in due course and, when published, will be available from the registered office of International Power plc. The distribution of this announcement and the offer and sale of the Convertible Bonds in certain jurisdictions may be restricted by law. No action has been taken by International Power Finance (Jersey) II Limited, International Power, ABN AMRO Rothschild (an unincorporated equity capital markets joint venture between ABN AMRO Bank N.V. and N M Rothschild & Sons Limited) or Citigroup Global Markets Limited, or any of their respective affiliates that would permit an offering of the Convertible Bonds or possession or distribution of this announcement or any other offering or publicity material relating to such Convertible Bonds in any jurisdiction where action for that purpose is required. Any persons reading this announcement should inform themselves of and observe any such restrictions. Any such offer will be made solely by means of a prospectus or offering memorandum to be published in due course and any purchase of Convertible Bonds should be made on the basis of the information contained in such prospectus or offering memorandum.
This announcement is not an offer of the securities to which it relates for sale in the United States. The Convertible Bonds have not been, nor will they be, registered under the United States Securities Act of 1933, as amended. The Convertible Bonds may not be offered or sold in the United States absent such registration or an applicable exemption from registration. No public offering will be made in the United States.
This announcement is directed only at persons who (i) are outside the United Kingdom or (ii) have professional experience in matters relating to investments or to whom this announcement may otherwise be directed without contravention of Section 21 of the Financial Services and Markets Act 2000 (all such persons together being referred to as “Relevant Persons”). This announcement is directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this announcement relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.
ABN AMRO Rothschild and Citigroup Global Markets Limited are acting for International Power Finance (Jersey) II Limited and International Power and no one else in connection with the offering of the Convertible Bonds and will not be responsible to any person other than International Power Finance (Jersey) II Limited and International Power for providing the protections afforded to their respective clients nor for providing advice in relation to the offering of the Convertible Bonds, the preference shares into which the bonds are convertible and the Ordinary Shares.
In connection with the offering, Citigroup Global Markets Limited (the “Stabilising Manager”), or any person acting for it, may over-allot or effect transactions with a view to supporting the market price of the Convertible Bonds at a level higher than that which might otherwise prevail for a limited period. However, there may be no obligation on the Stabilising Manager (or any person acting for it) to do this. Such stabilising, if commenced, may be discontinued at any time and must be brought to an end after a limited period. Such stabilising shall be in compliance with all applicable laws, regulations and rules. The stabilisation period is expected to start on 11 July 2006, the date of this announcement and is expected to end no later than 20 July 2006 (the proposed settlement date of the Convertible Bonds).
For further information please contact:
Investor Contact:
Aarti Singhal
Tel: +44 (0)20 7320 8681
About International Power
International Power plc is a leading independent electricity generating company with 17,650 MW (net) in operation and 1,359 MW (net) under construction. International Power has power plants in operation or under construction in Australia, the United States of America, the United Kingdom, the Czech Republic, Italy, Portugal, Spain, Turkey, Bahrain, Oman, Qatar, Saudi Arabia, the UAE, Indonesia, Malaysia, Pakistan, Puerto Rico and Thailand. International Power is listed on the London Stock Exchange and the New York Stock Exchange (as ADR’s) with ticker symbol IPR. Company website: www.ipplc.com.
