BETHESDA, Md., Nov. 18, 2020 /PRNewswire/ -- Centrus Energy
Corp. (NYSE American: LEU) ("Centrus" or the "Company") today
announced the preliminary results of its tender offer to purchase
up to $60 million of its Series B
Senior Preferred Stock, par value $1.00 per share (the "Series B Preferred
Shares"), at a purchase price of $954.59 per share, less any applicable
withholding taxes. This represents a 25 percent discount from the
liquidation price per share. The offer expired at 5:00 p.m., Eastern time on Tuesday, November 17,
2020.
The tender offer was oversubscribed. Based on the preliminary
count by Computershare Trust Company, N.A., the depositary for the
tender offer, approximately 92,735 shares of the Series B Preferred
Shares were properly tendered and not properly withdrawn, none of
which were tendered through notice of guaranteed delivery. Pursuant
to the terms of the tender offer, the Company expects to accept for
purchase tendered Series B Preferred Shares at a purchase price of
$954.59 per share on a pro rata
basis, for an aggregate purchase price of approximately
$60 million. The shares expected to
be acquired represent approximately 60% of the Company's
outstanding Series B Preferred Shares as of September 30, 2020. The depositary has informed
Centrus that the preliminary proration factor for the tender offer
is expected to be approximately 67%.
The number of shares properly tendered and not properly
withdrawn and the proration factor referred to above are
preliminary and are subject to verification by the depositary and
the proper delivery of all shares tendered. The actual number of
shares properly tendered and not properly withdrawn will be
announced promptly following the guaranteed delivery period and
completion of the verification process. Promptly after such
announcement, the depositary will issue payment for the shares
properly tendered and accepted under the tender offer and will
return any other shares tendered. Payment for shares will be made
in cash, subject to applicable withholding and without interest. It
is currently expected that payment for all shares purchased will be
made on or around November 20,
2020.
D.F. King & Co., Inc. is serving as information agent for
the tender offer and Computershare Trust Company, N.A. is serving
as the depositary for the tender offer.
Additional Information Regarding the Tender Offer
This
communication is for informational purposes only, and is neither an
offer to purchase nor a solicitation of an offer to sell Centrus
Series B Preferred Shares or any other securities. The offer was
made solely by the tender offer statement on Schedule TO, including
the offer to purchase, letter of transmittal and related materials,
filed with the United States Securities and Exchange Commission
(the "SEC") in connection with the tender offer as well as any
amendments or supplements to the Schedule TO when they become
available. Investors may obtain a free copy of the tender offer
statement on Schedule TO, the offer to purchase, letter of
transmittal and other documents that Centrus has filed or will file
with the SEC at the SEC's website at www.sec.gov or from Centrus's
website at www.centrusenergy.com or from the information agent for
the tender offer, by telephone at (866) 864-7964 (toll-free) or
(212) 269-5550 (banks and brokers), or via e-mail at
centrus@dfking.com.
About Centrus
Centrus is a trusted supplier of nuclear
fuel and services for the nuclear power industry. Centrus provides
value to its utility customers through the reliability and
diversity of its supply sources – helping them meet the growing
need for clean, affordable, carbon-free electricity. Since 1998,
the Company has provided its utility customers with more than 1,750
reactor years of fuel, which is equivalent to 7 billion tons of
coal.
With world-class technical capabilities, Centrus offers turnkey
engineering and advanced manufacturing solutions to its customers.
The Company is also advancing the next generation of centrifuge
technologies so that America can restore its domestic uranium
enrichment capability in the future. Find out more at
www.centrusenergy.com.
Forward-Looking Statements
This press release contains
statements that constitute forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of
1934. In this context, forward-looking statements mean
statements related to future events, and often contain words such
as "expects", "anticipates", "intends", "plans", "believes",
"will", "should", "could", "would" or "may" and other words of
similar meaning. These statements include statements regarding the
terms and timing of completion of the tender offer, including
acceptance of the purchase of the Series B Preferred Shares, the
approximate preliminary proration factor, and the expected payment
date. Forward-looking statements by their nature address
matters that are, to different degrees, uncertain. Particular risks
and uncertainties that could cause results to differ from those
expressed in this press release include conditions in financial
markets, response by Series B Preferred holders to the tender offer
and other factors described in the Company's filings with the
Securities and Exchange Commission. These factors may not
constitute all factors that could cause actual results to differ
from those discussed in any forward-looking statement. Accordingly,
forward-looking statements should be not be relied upon as a
predictor of actual results. Readers are urged to carefully review
and consider the various disclosures made in this press release and
in our other filings with the Securities and Exchange
Commission that attempt to advise interested parties of the
risks and factors that may affect our business. We do not undertake
to update our forward-looking statements to reflect events or
circumstances that may arise after the date of this release, except
as required by law.
Centrus Investor Contacts:
Investors: Dan Leistikow (301) 564-3399
or LeistikowD@centrusenergy.com
Media: Lindsey Geisler (301) 564-3392
or GeislerLR@centrusenergy.com
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SOURCE Centrus Energy Corp.