Eversholt tenders for up to £150 million of 6.359% bonds due 2025

By Sarah Lizee

Olympia, Wash., June 18 – Eversholt Funding plc began a cash tender offer for up to £150 million of its £400 million 6.359% bonds due 2025 (ISIN: XS0563638401), according to a London Stock Exchange notice from offeror RBC Europe Ltd.

The purchase price will be determined at or around 8 a.m. ET on June 25 and using the 2% U.K. Treasury gilt due Sept. 7, 2025 plus 180 basis points.

Tendered notes may be subject to pro rata scaling.

The expiration deadline for the offer is 11 a.m. ET on June 24.

Settlement is expected for June 29.

Tender instructions will be irrevocable except in the limited circumstances and must be submitted in respect of a minimum nominal amount of no less than £100,000 and may be submitted in integral multiples of £1,000 thereafter.

The company announced Thursday that it plans to issue a series of new sterling-denominated fixed-rate bonds under its £3 billion multicurrency program. Whether the offeror will accept for purchase any bonds tendered in the offer is subject to the pricing of the new bonds, among other things.

When considering allocations of the new bonds, the company may give preference to bondholders who have tendered their bonds and subscribe for new bonds.

The joint dealer managers are BNP Paribas (+33 1 55 77 78 94, liability.management@bnpparibas.com), HSBC Bank plc (+44 20 7992 6237, LM_emea@hsbc.com) and RBC Europe Ltd. (+44 20 7029 7927, liability.management@rbccm.com). The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880, eversholt@lucid-is.com).

London-based Eversholt Funding provides transportation services.

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