Molnlycke tenders for up to €250 million of 1.5% notes due 2022

By Sarah Lizee

Olympia, Wash., Aug. 27 – Molnlycke Holding AB (publ) is tendering for up to €250 million of its €500 million 1.5% notes due Feb. 28, 2022, according to a notice.

The purchase price will be set by reference to a fixed purchase yield of negative 0.35%. The purchase price is expected to be 104.621, assuming a settlement date of Sept. 5.

Holders will also receive accrued interest.

The offer is being made to optimize the group’s debt maturity profile and cost of capital, Molnlycke said.

The offer is subject to a new financing condition. The company said it plans to issue new euro-denominated fixed-rate notes, the proceeds of which will be used, in whole or in part, to finance the tender offer.

When considering allocation of the new notes, the company may give preference to noteholders who, prior to allocation, have validly tendered or indicated their intention to tender their notes and subscribe for new notes.

The offer will expire at 11 a.m. ET on Sept. 3.

Tender instructions must be submitted in respect of a minimum nominal amount of notes of no less than €100,000, being the minimum denomination of the notes, and may be submitted in integral multiples of €1,000 onwards.

The dealer managers are Barclays (+44 20 3134 8515, eu.lm@barclays.com) and Nordea Bank Abp (+45 554 74253, nordealiabilitymanagement@nordea.com). The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880, molnlycke@lucid-is.com).

Molnlycke is a medical device company with headquarters in Gothenburg, Sweden.

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