Pearson tenders for €75 million of 1.875% notes due 2021

By Sarah Lizee

Olympia, Wash., March 6 – Pearson plc said subsidiary Pearson Funding Five plc is tendering for €75 million of its outstanding €250 million 1.875% notes due 2021.

Tender instructions must be received by 11 a.m. ET on March 12.

Pricing will be set using a purchase yield of 0% for a purchase price of 104.084% of par assuming settlement occurs on March 15.

Holders also will receive accrued interest.

Tender instructions must be submitted for a minimum of €100,000 and in integrals of €1,000 after that.

Pearson said the offer is “consistent with the group's twin strategy of (i) extending its debt maturities where appropriate; and (ii) optimising the balance between term bond debt and revolving bank debt, given that the latter is more flexible and can be varied according to the seasonality of the business.”

BNP Paribas (+44 20 7595 8668 or liability.management@bnpparibas.com) is the dealer manager. Lucid Issuer Services Ltd. (+44 20 7704 0880 or pearson@lucid-is.com) is the tender agent.

Pearson is a publishing and education company based in London.

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