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Italys Kedrion tenders for 300 million of 4.625% notes due 2019
By Susanna Moon
Chicago, June 27 Kedrion SpA began a cash tender offer for its 300 million of 4.625% notes due April 24, 2019.
The purchase price will be 107% of par, or 1,070 per 1,000 principal amount, plus accrued interest to but excluding the settlement date.
The tender offer will continue until 11 a.m. ET on July 4.
The offer contains a new notes condition.
Kedrion is making the offer to optimize its financial structure, including debt maturities and cost of debt, according to a company announcement.
The company said it plans to issue a series of new euro-denominated notes, which would allow an extension of the average maturity of its debt and to reduce the average cost based on interest rates in the Eurozone.
Tender instructions must be submitted for a minimum of 100,000 principal amount and in integrals of 1,000 after that.
Settlement has been set for July 12.
The joint dealer managers are Banca IMI SpA (+39 02 72615938 or Liability.Management@bancaimi.com), Mediobanca - Banca di Credito Finanziario SpA (+39 02 88291 or MB_LM _CORP_IT@mediobanca.com) and Natixis (+390200667154 or liability.management-corporate@natixis.com).
The tender agent is Lucid Issuer Services Ltd. (+44 0 20 7704 0880 or kedrion@lucid-is.com).
Kedrion is a global biopharmaceutical company located in Lucca, Italy.
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