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GlaxoSmithKline launches capped tender offer for five sterling notes
Chicago, Nov. 8 – GlaxoSmithKline Capital plc launched a capped tender offer for a total purchase consideration of £1.25 billion covering five notes, according to an announcement.
The tender offer covers the five following notes, not in any priority order as the offeror may allocate any amount it wishes from any of the series:
• £600 million outstanding 3.375% notes due Dec. 20, 2027 (ISIN: XS0866588527) with pricing to be based on the 4.25% U.K. Treasury due December 2027 and a purchase spread of 85 basis points;
• £1 billion outstanding 5.25% notes due Dec. 19, 2033 (ISIN: XS0140516864) with pricing to be based on the 0.875% U.K. Treasury due July 2033 and a purchase spread of 70 bps;
• £700 million outstanding 6.375% notes due March 9, 2039 (ISIN: XS0350820931) with pricing to be based on the 1.125% U.K. Treasury due January 2039 and a purchase spread of 80 bps;
• £1 billion outstanding 5.25% notes due April 10, 2042 (ISIN: XS0294624373) with pricing to be based on the 4.5% U.K. Treasury due December 2042 and a purchase spread of 70 bps; and
• £800 million outstanding 4.25% notes due Dec. 18, 2045 (ISIN: XS0866596975) with pricing to be based on the 3.5% U.K. Treasury due January 2045 and a purchase spread of 65 bps.
Accrued interest will also be paid on all of the notes to the settlement date. The total purchase consideration will not include interest.
The offeror is conducting the tender offer as balance sheet management and to optimize its capital structure.
Tendered notes may be prorated.
Instructions are due to the tender agent by 11 a.m. ET on Nov. 14.
Pricing will take place at 8 a.m. ET on Nov. 15.
Settlement is expected for Nov. 17.
BNP Paribas (+33 1 55 77 78 94, liability.management@bnpparibas.com) and J.P. Morgan Securities plc (+44 207 134 2468, liability_management_EMEA@jpmorgan.com) are working as the dealer managers.
Kroll Issuer Services Ltd. is the tender agent (+44 20 7704 0880, gsk@is.kroll.com, https://deals.is.kroll.com/gsk).
The issuer is a multinational pharmaceutical and biotechnology company based in London.
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