Sweden’s Telia accepts tenders for $544.64 million of four note series

By Susanna Moon

Chicago, April 3 – Telia Co. AB, formerly TeliaSonera AB, announced the indicative results of its tender offers for four series of notes.

The issuer had received tenders for the following: €238,212,000 of its €500 million 1.375% notes due Feb. 18, 2019; €110,796,000 of its €750 million 4.25% notes due Feb. 18, 2020; €195,635,000 of its €850 million 4.75% notes due Nov. 16, 2021; and €209,255,000 of its €680 million 4% notes due March 22, 2022.

Telia accepted for purchase all of the tendered notes for the first three of those series with no pro rata scaling and none of the fourth series of notes, according to a company update.

The company said on March 20 that it was tendering for any and all of the 1.375% notes as well as up to a capped amount of three other series of notes equal to €500 million less the amount of notes tendered in the any-and-all offer.

Pricing in the any-and-all offer will be set using a fixed purchase yield of negative 25 basis points for a tender price of 103.056 assuming a settlement date of April 5.

In the capped offer, pricing will be set as follows, with the notes listed in order of priority acceptance levels:

• For the 4.25% notes, pricing will be set using a purchase yield of negative 10 bps for a tender price of 112.526 assuming a settlement date of April 5; and

• For the 4.75% notes, pricing will be set using the interpolated mid-swap rate minus 10 bps.

If the company had accepted any of the 4% notes for purchase, pricing would have been set using the interpolated mid-swap rate plus 15 bps.

The tender offers ended at 11 a.m. ET on March 31.

Pricing was scheduled for 7 a.m. ET on April 3.

Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com) and Nordea Bank AB (publ) (+45 6161 2996 or NordeaLiabilityManagement@Nordea.com) are the dealer managers. Citibank, NA, London Branch (https:// debtxportal.issuerservices.citigroup.com, +44 20 7508 3867 or exchange.gats@citi.com) is the tender agent.

Telia is a Stockholm-based company that provides network access and telecommunication services.

© 2015 Prospect News.
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