Adecco receives tenders for €210.03 million of 1.5% notes due 2022

By Sarah Lizee

Olympia, Wash., May 17 – Adecco Refinancing BV said it received valid tenders for €210,027,000 of its €500 million 1.5% notes due Nov. 22, 2022 issued by Adecco International Financial Services BV and guaranteed by Adecco Group AG (formerly known as Adecco SA), according to a company filing with the London Stock Exchange.

The company said it set the final acceptance amount at €199,995,000 and that it will accept for purchase notes validly tendered, subject to pro rata scaling at a scaling factor of 96.5499%.

The purchase price is 105.223, which was determined by reference to a fixed purchase yield of negative 0.1%. It was intended to reflect a yield to the first optional par call date of the notes, Aug. 24, 2022, on the settlement date based on the purchase yield.

The settlement date is expected to be May 20.

The company will also pay accrued interest.

The tender offer ended at 11 a.m. ET on May 16.

Holders must have tendered at least €100,000 principal amount of notes in order to participate in the tender offer.

The tender offer is subject to a financing condition.

Adecco International Financial Services plans to issue new euro-denominated fixed-rate notes. Adecco Refinancing plans to use the proceeds of the new issue to finance the tender offer.

Following settlement, €300,005,000 of the existing notes will remain outstanding.

The company said the offer is being made to optimize the Adecco group's debt maturity profile and cost of capital.

The dealer managers are BNP Paribas (+44 20 7595 8668 or liability.management@bnpparibas.com) and Credit Suisse Securities (Europe) Ltd. (+44 20 7883 8763 or liability.management@credit-suisse.com). The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or adecco@lucid-is.com).

Adecco is a staffing company based in Zurich.

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