Marks and Spencer launches tender offers for notes due 2023, 2025

Chicago, May 25 – Marks and Spencer plc launched a tender offer for up to £150 million face amount of notes from two series, according to an announcement on Wednesday.

The company is offering to buy from the £300 million outstanding 3% notes due 2023 (ISIN: XS1531151253) and from the £400 million outstanding 4¾% notes due 2025 (ISIN: XS0863523030).

The current coupons on the two series are actually higher, as notated in the announcement. The 2023 notes are carrying a step-up coupon of 4¼% and the 2025 notes are paying a 6% coupon.

Pricing will be determined using the 2¼% U.K. Treasury due September 2023 plus 270 basis points for the 2023 notes and with 5/8% U.K. Treasury due June 2025 plus 370 bps for the 2025 notes.

Pricing will be determined at approximately 6 a.m. ET on June 1.

Interest will also be paid to the settlement date.

The allocation between the two series of the maximum purchase amount will be at the company’s discretion.

Tenders may be prorated.

Tender instructions are due by 11 a.m. ET on May 31. Instructions are irrevocable.

Results will be announced on June 1.

The offer will settle on June 6.

BNP Paribas (+33 1 55 77 78 94, liability.management@bnpparibas.com) and NatWest Markets plc (+44 20 7678 5222, NWMLiabilityManagement@natwestmarkets.com) are the dealer managers.

Kroll Issuer Services Ltd. is the tender agent (+44 20 7704 0880, markandspencer@is.kroll.com, https://deals.is.kroll.com/marksandspencer).

Marks and Spencer is a London-based retailer.

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