Indra Sistemas offers to buy up to €100 million of 3% notes due 2024

By Marisa Wong

Los Angeles, May 9 – Indra Sistemas, SA is inviting holders of its outstanding €300 million 3% notes due April 19, 2024 (ISIN: XS1809245829) to sell their notes for cash, according to a company announcement.

Indra Sistemas is offering to purchase up to a maximum principal amount of €100 million.

The purchase price will be calculated using the interpolated mid-swap rate and a spread of 20 basis points and will reflect a yield to the par call date of Jan. 19, 2024.

The offer expires at 11 a.m. ET on May 13.

The acceptance date is expected to be May 16. Pricing will also take place on that date at around 7 a.m. ET. Results will be announced soon after pricing.

Settlement is slated for May 18.

The company has the right to increase or decrease the maximum purchase amount at its discretion.

If the total amount tendered exceeds the offer cap, notes will be accepted on a prorated basis.

The company said the purpose of the tender offer is “to manage its liquidity in an efficient manner by proactively managing its debt capital markets liabilities to optimize the level of cash at hand and the volume and cost of its financial indebtedness.”

BNP Paribas (+33 1 55 77 78 94, liability.management@bnpparibas.com, attn.: liability management group) is the dealer manager for the offer, and Kroll Issuer Services Ltd. (+44 20 7704 0880, indra@is.kroll.com, attn.: David Shilson) is the tender agent.

The information technology and defense systems company is based in Madrid.

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