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Kinepolis Group begins exchange offer for 4.75% bonds due 2019
By Angela McDaniels
Tacoma, Wash., May 12 – Kinepolis Group NV began an exchange offer for its €75 million of 4.75% fixed-rate bonds due March 6, 2019, according to a company news release.
The company is offering newly issued 4% bonds due June 9, 2023 on a par-for-par basis.
The annual gross nominal interest of the new bonds is equal to 2.754%, the gross interest rate that would apply if the new bonds were issued at par by Kinepolis on a standalone basis excluding any placing fee; plus 1.41%, the report and spreading of the unrealized gain on the existing bonds over the eight-year term of the new bonds; plus a tender premium of 0.1%, less a placing fee of 0.264%.
The acceptance period will run from May 13 until 10 a.m. ET on June 1.
The accrued interest on the existing bonds will be paid on June 9.
BNP Paribas Fortis, ING and KBC Bank are the dealer managers. KBC is also acting as global coordinator.
Kinepolis is a Ghent, Belgium-based chain of movie theatres.
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