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Tesco begins any-and-all offer for £250 million 3.5% notes due 2025
By Marisa Wong
Los Angeles, Nov. 4 – Tesco Personal Finance Group plc announced an invitation to holders of its outstanding £250 million 3.5% fixed-rate reset senior notes due 2025 (ISIN: XS2031923126) to tender any and all of their notes for purchase for cash, according to a Friday press release.
Pricing will be determined using the 2.75% U.K. Treasury Gilt due Sept. 7, 2024 and a purchase spread of 280 basis points and calculated based on the notes’ first optional call date of July 25, 2024.
The company will also pay accrued interest.
The company will accept tendered notes for purchase in full, with no proration applied.
The offer expires at 11 a.m. ET on Nov. 11.
Pricing will be determined at 9 a.m. ET on Nov. 14. Tender results and pricing will be announced that day.
Settlement is expected to be on Nov. 16.
Barclays Bank plc (+44 20 3134 8515; attn.: liability management group; eu.lm@barclays.com) is acting as dealer manager for the offer.
Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Arlind Bytyqi; tescobank@is.kroll.com; https://deals.is.kroll.com/tescobank) is tender agent.
The issuer said the offer is part of its goal of reducing costs by achieving net annual interest savings. The company intends to cancel any notes purchased under the offer.
The retail bank is a subsidiary of Tesco plc, a Welwyn Garden City, England-based grocery and retail company.
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