Kedrion begins tender offer for €100 million of 4.625% notes due 2019

By Susanna Moon

Chicago, Sept. 21 – Kedrion SpA said it began a cash tender offer for up to €100 million of its outstanding €300 million 4.625% notes due April 24, 2019.

The purchase price will be 103% of par, or €1,030 per €1,000 principal amount of the notes.

The company will also pay accrued interest to but excluding the settlement date of Oct. 2.

In order to participate, holders must deliver their tender instruction to Lucid Issuer Services Ltd., the tender agent, by 11 a.m. ET on Sept. 28.

Tender instructions must be submitted for a minimum principal amount of notes of at least €100,000 and integral multiples of €1,000 after that.

Banca IMI SpA (+39 02 72615938 or Liability.Management@bancaimi.com), Mediobanca - Banca di Credito Finanziario SpA (+39 02 88291, attn: Andrea Borna, or MB_DCM_CORPORATE_IT@mediobanca.com) and Natixis (+390200667154 or liability.management-corporate@natixis.com) are the joint structuring advisers and joint dealer managers.

The tender agent is Lucid Issuer Services (+44 0 20 7704 0880, Thomas Choquet, or kedrion@lucid-is.com).

The tender offer will be funded by a revolving credit facility dated Sept. 18 with Banca IMI SpA, Mediobanca - Banca di Credito Finanziario SpA and Natixis.

The purpose of the offer is to allow the company to optimize its financial structure, according to a company press release.

The tender offer cap may be increased or reduced, the company noted.

Kedrion is a global biopharmaceutical company located in Lucca, Italy.

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