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Maxima Grupe accepts all €193.04 million notes tendered in cash offer
By Devika Patel
Knoxville, Tenn., July 8 – Maxima Grupe, UAB announced results of a cash tender offer for its €300 million outstanding 3¼% notes due Sept. 13, 2023 (ISIN: XS1878323499), according to a notice.
Holders tendered €193,039,000 of notes and the company accepted all of them.
The offer was announced on June 27, and on Tuesday the company announced that the maximum acceptance amount will be €240 million. The offer expired at 11 a.m. ET on July 7. Settlement is expected on July 13.
As previously reported, the company was offering to purchase the notes at 99.5 plus accrued interest up to but excluding the settlement date.
Because the amount tendered is lower than the amount to be accepted, tenders will not be prorated.
Noteholders who wished to subscribe for the new notes were to be given priority in the tender offer. The company said it would accept priority notes before non-priority notes.
The offer was subject to the financing condition of the new offering of senior notes. The company completed a downsized offer of €240 million of new notes on Tuesday.
The purpose of the tender offer, along with the issuance of new notes, was to manage the company’s overall debt redemptions and extend the company’s debt profile.
Citigroup Global Markets Europe AG (+44 20 7986 8969; liabilitymanagement.europe@citi.com), JPMorgan SE (em_europe_lm@jpmorgan.com), Luminor Bank AS (+37068248548, dcm@luminorgroup.com), MUFG Securities (Europe) NV (+33 0 1 70 91 42 55; liability.management@mufgsecurities.com) are the dealer managers.
Kroll Issuer Services Ltd. (+ 44 20 7704 0880; maximagrupe@is.kroll.com) is the tender agent.
Maxima Grupe is part of the Vilniaus Prekyba group, which controls and manages the group of subsidiary companies operating chains of retail stores and pharmacies as well as real estate development and property management companies in the Baltic States, Sweden, Poland and Bulgaria.
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