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AAC sees no additional tenders for 2024, 2026 notes by end of offer
By Marisa Wong
Los Angeles, Oct. 13 – Hong Kong’s AAC Technologies Holdings Inc. announced the completion of its Sept. 14 capped tender offer for two notes.
The tender offer expired at 11:59 p.m. ET on Oct. 12.
No notes were tendered during the period subsequent to the early tender date up to the expiration date, according to a company announcement Thursday.
Consequently, the aggregate amount of notes purchased by the company under the tender offer remains unchanged as of the early settlement date.
As reported, holders had tendered as of the 5 p.m. ET on Sept. 27 early deadline and the company accepted for purchase the following:
• $111,182,000 of the $388 million outstanding 3% notes due 2024 (ISIN: XS2080819779) for a total consideration of $880 per $1,000 note. The company had increased the maximum acceptance amount for this series to $111,182,000 from $100 million; and
• $47,396,000 of the $300 million outstanding 2 5/8% notes due 2026 (ISIN: XS2341038656) for a total consideration of $758 per $1,000 note. This series was subject to a $50 million series cap.
After settlement, the outstanding principal amounts of the 2024 notes and 2026 notes were reduced to $276,818,000 and $252,604,000, respectively.
The company accepted for purchase all of the early tendered notes without applying any scaling factor.
The total consideration included a $30 early tender premium for each $1,000 of notes tendered by the early tender date.
Settlement for the early tendered notes was on Sept. 29.
Citigroup Global Markets Ltd. is the dealer manager (+852 2501 2693, liabilitymanagement.asia@citi.com).
Morrow Sodali Ltd. is the information and tender agent (+852 2319 4130, +44 20 4513 6933, 203 609-4910, aac@investor.morrowsodali.com, https://projects.morrowsodali.com/aac).
The company is a Hong Kong-based supplier of products to leading mobile phone and consumer electronics makers.
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