Kering starts tender for up to €350 million of four series of notes

New York, March 26 – Kering began a tender offer for up to €350 million principal amount of four series of notes, according to an announcement.

The company is offering to buy notes as follows:

• €500 million of 3.125% notes due April 23, 2019 at a price to be set using a tender yield of negative 0.3%;

• €500 million of 2.5% notes due July 15, 2020 at a price to be set using a tender yield of negative 0.15%;

• €500 million of 1.375% notes due Oct. 1, 2021 at a price to be set using a spread of negative 10 basis points over an interpolated mid-swap rate; and

• €500 million of 0.875% notes due March 28, 2022 at a price to be set using a spread of negative 5 bps over an interpolated mid-swap rate based on the first date on which the company may exercise its residual call, Dec. 28, 2021.

In addition to the prices calculated, Kering will pay accrued interest up to but excluding the settlement date.

The tender ends at 10 a.m. ET on April 4. Pricing is planned for 6 a.m. ET on April 5, and settlement is scheduled for April 9.

Kering said it will allocate the €350 million amount to be purchase to each series at its sole discretion.

Societe Generale Corporate & Investment Banking (+33 1 42 13 32 40 or liability.management@sgcib.com) is structuring adviser and a dealer manager with HSBC Bank plc (+44 20 7992 6237 or lm_emea@hsbc.com) and Royal Bank of Scotland plc trading as NatWest Markets (+44 20 7678 5282 or liabilitymanagement@natwestmarkets.com).

BNP Paribas Securities Services (+ 33 1 55 77 61 60 or paris.bp2s.offers@bnpparibas.com) is tender agent, and BNP Paribas Securities Services (+33 1 57 43 10 77 or paris.bp2s.information.agent@bnpparibas.com) is information agent.

Kering is a Paris-based manufacturer of luxury goods.

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