Galeries Lafayette tenders for €500 million of 4.75% bonds due 2019

By Susanna Moon

Chicago, April 24 – Galeries Lafayette SA said it is tendering for its €500 million of 4.75% bonds due April 26, 2019 until 10 a.m. ET on May 3.

Pricing will be set using a tender offer yield of negative 0.1% for a tender offer price of 109.541% of par, or €109,541 for each €100,000 principal amount, assuming a settlement date May 9.

Galeries is making the tender to “optimize” its debt structure, according to a company notice.

The company also will pay accrued interest.

Settlement has been slated for May 9.

The dealer managers are HSBC and Natixis.

The information agent will be Caceis Corporate Trust (+ 33 1 57 78 34 28; +331 57 78 32 67, fax + 33 1 49 08 05 87, david.pasquale@caceis.com, jean-charles.battaglia@caceis.com, LD-F-CT-OST-MARCHE-PRIMAIR@caceis.com).

Galeries Lafayette is a Paris-based company that owns 60-plus stores that offer private-label and designer apparel. The Moulin family, which helped found Galeries Lafayette, owns 100% of the company.

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