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Prospect News home > News index > List of issuers Tenders > Headlines for 2022 > News item
Published on 4/28/2022 in the Prospect News Investment Grade Daily and Prospect News Liability Management Daily.

Philips launches tender offer for three dollar-denominated notes

By Mary-Katherine Stinson

Lexington, Ky., April 28 – Koninklijke Philips NV started tender offers for three series of dollar-denominated notes as a part of liability management transactions to extend the company’s debt maturity profile, according to multiple notices.

Philips is offering to buy any and all of the:

• $84,169,000 outstanding 7.125% series A debentures due 2025 (ISIN: US718337AB40) at a price that will be determined using the 2.625% U.S. Treasury due April 15, 2025 plus 70 basis points;

• $63,285,000 outstanding 7.75% series B debentures due 2025 (ISIN: US718337AC23) with pricing to be based on the 2.625% U.S. Treasury due April 15, 2025 plus 70 bps; and

• $136,515,000 outstanding 7.2% notes due 2026 (ISIN: US718337AE88) with pricing to be based on the 2.5% U.S. Treasury due March 31, 2027 plus 75 bps.

Interest will also be paid to the settlement date.

Pricing will take place at 10 a.m. ET on May 5.

The offer will expire at 5 p.m. ET on May 5, also the withdrawal deadline.

Settlement is expected for May 10.

There are guaranteed delivery procedures for the tender offer.

The tender offer is conditioned upon the successful issuance of the company’s new euro notes.

BofA Securities Europe SA (980 387-3907, 888 292-0070, +33 1 877 01057, DG.LM-EMEA@bofa.com) and Mizuho Securities USA LLC (212 205-7736, 866 271-7403, +44 20 7090 6134, LiabilityManagement@uk.mizuhosc.com) are the dealer managers.

Kroll Issuer Services Ltd. (+44 20 7704 0880, philips@is.kroll.com, deals.is.kroll.com/philips) is the tender and information agent.

Royal Philips is a health technology company based in Amsterdam.


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