Grenke Finance starts capped tender offer for two euro notes due 2024

Chicago, Sept. 18 – Grenke Finance plc started a capped tender offer for two notes with maturity dates in 2024, according to an announcement.

The maximum acceptance amount will be set after the company prices a new offering of notes due in 2027.

The notes covered in the tender offer are the €300 million outstanding 1.625% notes due in April 2024 (ISIN: XS1956014531) and the €150 million outstanding 4.125% notes due in October 2024 (ISIN: XS2469031749).

The repurchase price for the notes due in April 2024 is 98.7, and the price for the notes due in October 2024 is 99.375.

The purpose of the tender offer is so that the company can proactively manage its liability structure.

Tendering noteholders may receive priority allocation in the new offering of notes. Noteholders who wish to subscribe to the new offering should contact the dealer managers as soon as possible after the launch date.

Tenders may be subject to proration.

The tender offer expires at 11 a.m. ET on Sept. 26.

Results will be announced on Sept. 27.

Settlement is planned for Sept. 29.

Deutsche Bank AG (+44 20 7545 8011), HSBC Continental Europe (+44 20 7992 6237, LM_EMEA@hsbc.com) and Goldman Sachs Bank Europe SE (+44 20 7774 4836, liabilitymanagement.eu@gs.com) are the dealer managers.

Kroll Issuer Services Ltd. (+44 20 7704 0880, grenke@is.kroll.com, https://deals.is.kroll.com/grenke) is the tender agent.

Grenke AG is a leasing company specializing in office communication products based in Baden-Baden, Germany. The company also has a banking license.

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