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Motability begins capped tender offers for 6.625% notes, 3.25% notes
By Susanna Moon
Chicago, Feb. 27 – Motability Operations Group plc said it began separate tender offers for its £450 million 6.625% notes due Dec. 10, 2019 and its €550 million 3.25% notes due Nov. 30, 2018.
The notes are guaranteed by Motability Operations Ltd.
The company is offering to purchase up to £150 million principal amount of the 6.625% notes with pricing to be set at 6 a.m. ET on March 7 using the 3.75% U.K. Treasury gilt due Sept. 7, 2019 plus 35 basis points.
Motability also is tendering for €160 million principal amount of the 3.25% notes at a purchase price of 106.114 assuming a settlement date of March 14, with pricing based on a purchase yield of negative 0.3%.
Holders also will receive accrued interest.
The tender offers will end at 11 a.m. ET on March 6.
Motability is making the offers to manage its refinancing risk and interest profile of its debt, according to a company announcement.
The offers are contingent on the issue of new notes. The company said it has arranged investor meetings for new 15-year sterling-denominated fixed-rate notes and eight-year euro-denominated fixed-rate notes.
Settlement has been set for March 14.
Barclays Bank plc (+44 0 20 3134 8515 or eu.lm@barclays.com), HSBC Bank plc (+44 0 20 7992 6237 or LM_EMEA@hsbc.com), Lloyds Bank plc (+44 0 20 7158 1721 or liability.management@lloydsbanking.com) and Royal Bank of Scotland plc (+44 0 20 7678 5282 or liabilitymanagement@rbs.com) are the dealer managers. Lucid Issuer Services Ltd. (+ 44 0 20 7704 0880 or motability@lucid-is.com) is the tender agent.
Motability is a Harlow, England-based government-chartered charity that helps provide qualified disabled individuals (civilian and military) with affordable lease or purchase financing for transportation – primarily modified automobiles or vans but also motorized wheelchairs and scooters.
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