An indirect subsidiary of NextEra Energy Partners launched a cash tender offer for Genesis Solar 2011 pass-through trust's outstanding 3.875% series A trust certificates due 2038, and 5.125% series B trust certificates due 2038.
The pass-through trust was formed to fund Genesis Solar LLC's construction of a 250-MW solar thermal generation facility in Riverside, Calif., which achieved full operations in 2014.
The NextEra Energy Partners' subsidiary owns about 48% of the outstanding series B certificates that were bought Sept. 13 at the same price to be paid in this latest offering.
The offer will expire one minute after 11:59 p.m. ET on Oct. 11, unless extended or earlier terminated.
Holders who validly tender their certificates before 5 p.m. ET on Sept. 27 will be eligible to receive a total consideration of $30 per $1,000 current outstanding principal balance.
Holders can withdraw their tendered certificates before 5 p.m. ET on Sept. 27, unless extended.
Subject to certain conditions, the settlement date for the offer is expected on Oct. 17.
Goldman Sachs & Co. LLC is acting as dealer manager for the offer.
NextEra Energy Partners is the yieldco affiliate of NextEra Energy Inc.
