28.11.2012 20:01
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Veolia Environnement Launches Cash Tender Offer to Purchase Certain of its Dollar-Denominated Notes due 2018

Veolia Environnement (Paris:VIE) (the "Company”) today announced the commencement of an offer to purchase for cash (the "Offer”) up to US$200,000,000 principal amount (subject to possible increase at the Company’s discretion) of its 6.00% Senior Notes due 2018 (the "Notes”). The Notes have an aggregate principal amount outstanding of $700,000,000.

The purpose of the Offer is to optimize the use of the Company's cash and cash equivalents, and to reduce its US dollar indebtedness, following the divestiture of its solid waste business in the United States. The Company currently has significant liquidity; repurchasing the Notes should optimize this liquidity by reducing the Company’s cost of carrying cash and cash equivalents.

The price paid in the Offer will be determined based on the yield to maturity of the U.S. Treasury reference security ("UST Reference Security”) specified in the table below plus a spread determined using a modified "Dutch Auction” method, all as more fully described in the Offer to Purchase dated November 28, 2012 (the "Offer to Purchase,” as it may be amended or supplemented from time to time). The Offer to Purchase sets forth in more detail the terms and conditions of the Offer.

Notes validly tendered and not withdrawn on or before 5:00 p.m., New York City time, on December 11, 2012 (the "Early Participation Date”) will be eligible to receive total consideration (the "Total Consideration”), which includes an early participation amount equal to US$30.00 per US$1,000 principal amount of Notes (the "Early Participation Amount”). Notes tendered after the Early Participation Date but on or prior to the expiration date, which will be 11:59 p.m., New York City time, on December 26, 2012, unless extended or earlier terminated (the "Expiration Date”), will be eligible to receive only the tender consideration ("Tender Consideration”), equal to the Total Consideration less the Early Participation Amount.

The Total Consideration payable for the Notes will be a price per US$1,000 principal amount equal to an amount, calculated as described in the Offer to Purchase, that would reflect, as of the date of purchase, a yield to the maturity date of the Notes equal to the sum of (i) the yield to maturity (the "Reference Yield”) of the UST Reference Security and (ii) the "clearing spread” as determined pursuant to a modified "Dutch Auction” described in the Offer to Purchase, without regard to accrued and unpaid interest thereon. Each holder tendering Notes in the Offer must specify the maximum spread (the "Bid Spread”) in excess of the Reference Yield that such holder would be willing to accept as the basis for determining the Total Consideration, subject to the minimum spread and the maximum spread set forth in the table below. Holders who validly tender Notes without specifying a Bid Spread will be deemed to have specified the maximum spread (lowest Note price).

       

Acceptable Bid Spread
Range (in basis points)

   

Title of
Security

CUSIP
Number

Principal
Amount
Outstanding

Early
Participation
Amount (1)

Minimum
Spread

 

Maximum
Spread

UST
Reference
Security

Bloomberg
Reference
Page

6.00% Senior
Notes due
2018

92334N AB9 $700,000,000 $30.00 165 215

0.75% due
10/31/17

PX6
 

(1) Per $1,000 principal amount of Notes accepted for purchase.

The "clearing spread” used to determine the Total Consideration will be the highest Bid Spread such that the principal amount of Notes tendered with Bid Spreads equal to or greater than the clearing spread will be at least equal to the total principal amount that the Company is offering to purchase. Holders whose Bid Spread is equal to the "clearing spread” may be subject to pro-ration, so that the total principal amount purchased will equal the total amount that the Company is offering to purchase. If the principal amount tendered is below the total that the Company is offering to purchase, then the "clearing spread” will be the lowest Bid Spread (at least equal to the minimum spread) of any tendering holder.

Tendered Notes may be withdrawn at any time prior to 5:00 p.m., New York City time, on December 11, 2012 (the "Withdrawal Date”), but may not be withdrawn thereafter. Notes tendered after the Withdrawal Date may not be withdrawn. Acceptance of tendered Notes may be subject to proration as described in the Offer to Purchase.

The Total Consideration and the Tender Consideration will be payable in cash. In addition, the Company will also pay accrued and unpaid interest from, and including, the last interest payment date for the Notes to, but not including, the settlement date.

The Company’s obligation to accept for purchase, and to pay the Total Consideration or the Tender Consideration (as the case may be) for Notes validly tendered pursuant to the Offer is subject to, and conditioned upon, the satisfaction or, where applicable, the Company’s waiver, of a number of conditions described in the Offer to Purchase. The Company expressly reserves the right, in its sole discretion, subject to applicable law, to terminate the Offer at any time prior to the Expiration Date. The Offer is not contingent upon the tender of any minimum principal amount of Notes.

The settlement date for the Offer will occur promptly after the Expiration Date. The Company currently anticipates that the settlement date for the Offer will be December 28, 2012.

The Company has retained Deutsche Bank Securities Inc. to serve as the sole dealer manager for the Offer. Global Bondholder Services Corporation has been retained to serve as the information agent and depositary.

For additional information regarding the terms of the Offer, please contact Deutsche Bank Securities Inc. at +1 (855) 287-1922 (toll free in the United States), +1 (212) 250-7527 or +44 20754 58011. Requests for documents and questions regarding the tender of Notes may be directed to Global Bondholder Services Corporation at +1 (866) 873 – 5600 (toll free) or at +1 (212) 430 - 3774.

The Offer to Purchase is expected to be distributed to holders of Notes beginning today. Copies of the Offer to Purchase may also be obtained at no charge from Global Bondholder Services Corporation.

None of the Company, the dealer manager or the information agent makes any recommendation as to whether any holder of the Notes should tender or refrain from tendering all or any portion of the principal amount of the Notes.

This press release is neither an offer to purchase nor a solicitation to tender any of these Notes nor is it a solicitation for acceptance of the Offer. The Company is making the Offer only by, and pursuant to the terms of, the Offer to Purchase. The Offer is not being made to (nor will tenders of Notes be accepted from or on behalf of) holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. This announcement must be read in conjunction with the Offer to Purchase.

###

United Kingdom. The communication of this press release and any other documents or materials relating to the Offer is not being made, and such documents and/or materials have not been approved, by an authorised person for the purposes of section 21 of the Financial Services and Markets Act 2000 (the "FSMA”). Accordingly, such documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom. The communication of such documents and/or materials is exempt from the restriction on financial promotions under section 21 of the FSMA on the basis that it is only directed at (1) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order”); (2) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons”). The Notes are only available to, and any invitation, offer or agreement to purchase or otherwise acquire such Notes will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this Offer to Purchase or any of its contents.

France. The Offer is not being made, directly or indirectly, to the public in France. Neither this press release nor any other documents or offering materials relating to the Offer have been distributed or caused to be distributed and will not be distributed or caused to be distributed to the public in France, and only (i) persons licensed to provide the investment services relating to portfolio management for the account of third parties (personnes fournissant le service d’investissement de gestion de portefeuille pour compte de tiers) and/or (ii) qualified investors (investisseurs qualifiés) acting for their own account, and/or (iii) legal entities whose total assets exceed €5 million, or whose annual turnover exceeds €5 million, or whose managed assets exceed €5 million, or whose annual headcount exceeds 50, all as defined in, and in accordance with, Articles L.341-2, L.411-2, and D.411-1 of the French Code monétaire et financier, are eligible to participate in the Offer. This press release has not been and will not be submitted to the clearance procedures (visa) of nor approved by the Autorité des marchés financiers.

Italy. Neither this press release nor any other documents or materials relating to the Offer have been or will be submitted to the clearance procedure of the Commissione Nazionale per le Società e la Borsa ("CONSOB”) pursuant to Italian laws and regulations. The Offer is being carried out in the Republic of Italy as an exempted offer pursuant to Article 101-bis, paragraph 3-bis of Legislative Decree no. 58 of February 24, 1998, as amended (the "Financial Services Act") and article 35-bis, paragraph 3 and/or paragraph 4 of CONSOB Regulation No. 11971 of May 14, 1999, as amended (the "CONSOB Regulation"), as the case may be.

Holders or beneficial owners of the Notes that are located in Italy can tender Notes for purchase through authorized persons (such as investment firms, banks or financial intermediaries permitted to conduct such activities in the Republic of Italy in accordance with the Financial Services Act, CONSOB Regulation No. 16190 of 29 October 2007, as amended, and Legislative Decree No. 385 of 1 September 1993, as amended) and in compliance with applicable laws and regulations and with requirements imposed by CONSOB or any other Italian authority.

European Economic Area. In any European Economic Area ("EEA") Member State that has implemented Directive 2003/71/EC (and amendments thereto, including Directive 2010/73/EU, together with any applicable implementing measures in any Member State, the "Prospectus Directive”), this press release is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive.

This press release contains forward-looking statements. Whenever used, the words "aim(s),” "expect(s),” "feel(s),” "will,” "may,” "believe(s),” "anticipate(s)” and similar expressions are intended to identify those statements as forward-looking. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Undue reliance should not be placed on these forward-looking statements, which speak only as of the date of the document in which they appear.

Important Disclaimer

This document contains "forward-looking statements” within the meaning of the provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not guarantees of future performance. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside the Company’s control, including but not limited to: the uncertainty related to the implementation of the company’s new strategy, including the completion of the program of divestments and the effective reduction of costs; the risk of suffering reduced profits or losses as a result of intense competition, the risks associated with conducting business in some countries outside of Western Europe, the United States and Canada, the risk that changes in energy prices and taxes may reduce the Company’s profits, the risk that the company may make investments in projects without being able to obtain the required approvals for the project, the risk that governmental authorities could terminate, modify or renew under less favorable conditions some of the Company’s contracts, the risk that the Company’s long-term contracts may limit its capacity to quickly and effectively react to general economic changes affecting the Group’s performance under those contracts, the risk that acquisitions may not provide the benefits that the Company hopes to achieve, the risks related to customary provisions of divesture transactions, the risk that the Company’s compliance with environmental laws may become more costly in the future, the risk that currency exchange rate fluctuations may negatively affect the Company’s financial results and the price of its shares, the risk that the Company may incur environmental liability in connection with its past, present and future operations, as well as the risks described in the documents the Company has filed with the U.S. Securities and Exchange Commission. The Company does not undertake, nor does it have, any obligation to provide updates or to revise any forward-looking statements. Investors and security holders may obtain a free copy of documents filed by the Company with the U.S. Securities and Exchange Commission from the Company.

###

Veolia Environnement (Paris Euronext: VIE and NYSE: VE) is the worldwide reference in environmental solutions. With more than 330,000 employees the company has operations all around the world and provides tailored solutions to meet the needs of municipal and industrial customers in four complementary segments: water management, waste management, energy management and passenger transportation.

www.veolia.com

Press release also available on our web site: http://www.finance.veolia.com

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26.08.2013Veolia Environnement haltenGoldman Sachs Group Inc.
16.07.2013Veolia Environnement haltenUBS AG
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19.09.2012Veolia Environnement holdSociété Générale Group S.A. (SG)
27.08.2012Veolia Environnement neutralGoldman Sachs Group Inc.
19.06.2013Veolia Environnement verkaufenExane-BNP Paribas SA
29.01.2013Veolia Environnement verkaufenMerrill Lynch & Co., Inc.
12.12.2012Veolia Environnement underperformExane-BNP Paribas SA
08.11.2012Veolia Environnement underperformExane-BNP Paribas SA
30.10.2012Veolia Environnement underperformExane-BNP Paribas SA
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