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British Telecommunications gives results of 1 billion tender offer
Chicago, Feb. 13 British Telecommunications plc announced the results and details of its recently concluded tender offer relating to three series of notes for a capped 1 billion amount, according to an announcement
Without proration, the company is accepting all 574.235 million of the tendered notes.
The detailed results of the tender offer are the following:
193.639 million tendered and accepted of the 500 million 0.875% notes due Sept. 26, 2023 (ISIN: XS1886402814) for a previously set purchase price of 99.3;
106.024 million tendered and accepted of the 575 million 1% notes due June 23, 2024 (ISIN: XS1637334803) for a purchase price of 97.088 with pricing based on the interpolated mid-swap rate and a fixed spread of negative 20 basis points; and
274.572 million tendered and accepted of the 1.1 billion 1% notes due Nov. 21, 2024 (ISIN: XS1720922175) for 96.207 with pricing based on the interpolated mid-swap rate and a fixed spread of negative 15 bps.
The offer expired at 11 a.m. ET on Feb. 10.
Pricing for two of the three series took place at 7 a.m. ET on Feb. 13.
Settlement is planned for Feb. 15.
Banco Santander, SA (attn.: liability management; liabilitymanagement@santandercib.co.uk) and BNP Paribas (+33 1 55 77 78 94; attn.: liability management; liability.management@bnpparibas.com) are dealer managers for the offers, and Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: David Shilson; bt@is.kroll.com; https://deals.is.kroll.com/bt) is tender agent.
The company said the purpose of the offers is to optimize its and BT Groups liquidity and debt maturity profile.
The telecommunications company is based in London.
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