Kering redeems €369.8 million of four note series at par in offer

By Susanna Moon

Chicago, Oct. 9 – Kering said it redeemed €369.8 million of four series of notes in the offer that lasted until 10 a.m. ET on Oct. 4.

The issuer redeemed the following amounts at par, according to a company announcement:

• €55 million of €300 million 3.125% notes due April 23, 2019 with €245 million left outstanding after the offer;

• €140 million of €500 million 2.5% notes due July 15, 2020 with €360 million left outstanding;

• €55 million of €400 million 1.375% notes due Oct. 1, 2021 with €345 million left outstanding; and

• €119.8 million of €394.million 0.875% notes due March 28, 2022 with €275 million left outstanding.

The company said on Sept. 28 that it was tendering for up to €300 million of the four series with pricing to be set at 6 a.m. ET on Oct. 5 as follows:

• 3.125% notes due April 23, 2019 using a tender yield of negative 0.35% for a tender price of 101.872%, or €1,018.72 for each €1,000 principal amount;

• 2.5% notes due July 15, 2020 using a tender yield of negative 0.15% for a tender price of 104.686%, or €104,686 for each €100,000 principal amount;

• 1.375% notes due Oct. 1, 2021 using the 2021 interpolated mid-swap rate minus 5 basis points; and

• 0.875% notes due March 28, 2022 using the 2022 interpolated mid-swap rate plus 5 bps.

The tender offer price for the 3.125% notes and 2.5% notes assumed a settlement date of Oct. 9.

The company said it would also pay accrued interest to but excluding the settlement date.

The dealer managers are Credit Agricole CIB (+44 20 7214 5733 or liability.management@ca-cib.com), UniCredit Bank AG (+49 89 378 13722 or corporate.lm@unicredit.de) and Natixis (+33 1 58 55 08 14 or liability.management-corporate@natixis.com). The tender agent is BNP Paribas Securities Services (+33 1 55 77 61 60, fax +33 1 57 43 31 38 or paris.bp2s.offers@bnpparibas.com).

The information agent is BNP Paribas Securities Services (+33 1 57 43 10 77 or paris.bp2s.information.agent@bnpparibas.com).

As previously announced, Kering tendered for the four series earlier this year until April 4 and accepted €405.2 million of the notes.

Kering is a Paris-based manufacturer of luxury goods.

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