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Swedish Match tenders for up to 100 million of 3.875% notes due 2017
By Susanna Moon
Chicago, Sept. 13 Swedish Match AB said it began a cash tender offer for up to a maximum amount of its 313.9 million outstanding 3.875% notes due Nov. 24, 2017.
The company is offering to purchase up to 100 million of the notes but said it reserves the right to accept more or less than the offer cap.
The purchase price will be 104.654% of par assuming a settlement date of Sept. 23.
Pricing was set using a fixed purchase yield of negative 0.1%, with the purchase price intended to reflect a yield to maturity of the notes on the settlement date based on the purchase yield. If the settlement date changes, the purchase price will be recalculated.
The company also will pay accrued interest.
The offer is being made as part of the company's commitment to the active management of its balance sheet, according to a company announcement.
The company said it plans to price new euro-denominated notes, and the tender offer is contingent on the issue of those notes.
Tender instructions must be received by 11 a.m. ET on Sept. 20.
Notes must be tendered for a minimum nominal amount of at least 50,000 and in integral amounts of 1,000 after that.
The company originally issued 350 million of the notes.
Deutsche Bank AG, London Branch (+44 20 7545 8011 or liability.management@db.com) and Skandinaviska Enskilda Banken AB (publ) (+46 8 506 232 09 or liabilitymanagement@seb.se) are the dealer managers. Deutsche Bank (+44 20 7547 5000 or xchange.offer@db.com) is also the tender agent.
Swedish Match is a Stockholm-based company that produces smokeless tobacco products, cigars, pipe tobacco and light products.
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