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Wm. Morrison Supermarkets starts £200 million tender for three notes
New York, June 19 – Wm. Morrison Supermarkets plc announced it is offering to spend £200 million in a tender offer for its £364,966,000 of 4.625% notes due 2023, £315,577,000 of 3.5% notes due 2026 and £300 million of 4.75% notes due 2029.
Pricing will be set using a spread over a reference Gilt as follows:
• 100 basis points over the 2.25% Gilt due Sept. 7, 2023 for the 4.625% notes;
• 120 bps over the 1.5% Gilt due July 22, 2026 for the 3.5% notes; and
• 150 bps over the 6% Gilt due Dec. 7, 2028 for the 4.75% notes.
The purchase price will be fixed at 6 a.m. ET on June 27.
Wm. Morrison will also pay accrued interest. The accrued interest is not included in the £200 million cap.
The tender ends at 11 a.m. ET on June 26.
Settlement is planned for June 29.
Tenders must be for a minimum of £100,000 and multiples of £1,000 above that.
The company said that it is carrying out the tender in order to use its strong liquidity position to reduce its debt and the resulting interest expense.
HSBC Bank plc (+44 20 7992 6237 or LM_EMEA@hsbc.com) and Lloyds Bank Corporate Markets plc (+44 20 7158 1721 or liability.management@lloydsbanking.com) are dealer managers. Lucid Issuer Services Ltd. (+44 20 7704 0880 or morrisons@lucid-is.com) is tender agent.
Wm. Morrison is a Bradford, England-based supermarket group.
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