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Prospect News home > News index > List of issuers Tenders > Headlines for 2021 > News item |
Otto seeks to buy 2022, 2023, 2024, 2026 notes for up to €200 million
By Marisa Wong
Los Angeles, Jan. 25 – Otto GmbH & Co. KG announced cash tender offers for its outstanding €40 million 1˝% notes due 2022 (ISIN: XS1567447609), €250 million 2˝% notes due 2023 (ISIN: XS1433512891), €300 million 1 7/8% notes due 2024 (ISIN: XS1625975153) and €300 million 2 5/8% notes due 2026 (ISIN: XS1979274708).
Otto is offering to spend up to €200 million to purchase notes.
The purchase price is 101.23 for the 2022 notes, 105.3 for the 2023 notes, 104.2 for the 2024 notes and 107.1 for the 2026 notes.
In addition to the purchase price, the company will also pay accrued interest.
The offer expires a 10 a.m. ET on Feb. 5. Settlement is slated for Feb. 12.
Otto said it reserves the right to increase or decrease the overall purchase price cap and will determine the amount it accepts for purchase under each series at its discretion.
If the amount of notes tendered under a series exceeds that series’ acceptance amount, the notes will be accepted for purchase on a pro rata basis.
The purpose of the offers is to, among other things, proactively use the company’s excess cash to reduce its debt.
Commerzbank AG (+49 69 1365 9920, attn.: liability management group, liability.management@commerzbank.com) and Deutsche Bank AG (+44 20 7545 8011, attn.: liability management group) are the dealer managers.
Lucid Issuer Services Ltd. (+44 20 7704 0880, attn.: Arlind Bytyqi, otto@lucid-is.com) is the tender agent.
Otto is a mail order company based in Hamburg, Germany.
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