DS Smith reports any-and-all tender results for 1.375% notes due 2024

By William Gullotti

Buffalo, N.Y., July 27 – DS Smith plc gave the results of its any-and-all tender offer to purchase its outstanding €750 million 1.375% notes due July 26, 2024 (ISIN: XS1652512457), according to a notice on Thursday.

As previously reported, the issuer offered to purchase the notes at 97.25 plus accrued interest.

Noteholders validly tendered a total of €297,576,000 of notes, all of which were accepted for purchase.

The offer expired at 11 a.m. ET on July 26.

The new issue condition, pertaining to the offering of two series of euro-denominated notes under the company’s €5 billion euro medium-term note program, was satisfied on July 20 when the company priced €1.5 billion of new green bonds due 2027 (ISIN: XS2654097927) and 2030 (ISIN: XS2654098222).

Settlement will be on July 31.

After settlement and subsequent cancellation of the repurchased notes, €452,424,000 principal amount of the issue will remain outstanding.

The dealer managers for the tender offer are Citigroup Global Markets Ltd. (+44 20 7986 8969; liabilitymanagement.europe@citi.com), ING Bank NV (+44 20 7767 6784; liability.management@ing.com) and NatWest Markets plc (+44 20 7678 5222; NWMLiabilityManagement@natwestmarkets.com).

Kroll Issuer Services Ltd. (attn.: Arlind Bytyqi; +44 20 7704 0880; dssmith@is.kroll.com; https://deals.is.kroll.com/dssmith) is the tender agent.

The multinational packaging business is based in London.

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