Ulker Biskuvi Sanayi posts results of capped tender offer for 6.95% bonds

By Mary-Katherine Stinson

Lexington, Ky., July 20 – Turkey’s Ulker Biskuvi Sanayi AS gave the results of its $50 million capped tender offer for its $650 million outstanding 6.95% notes due 2025 (ISIN: XS2241387500), according to a notice.

Ulker will accept for purchase $50,069,000 of the notes, which represents an increased maximum acceptance amount based on the principal amount of notes tendered.

As previously reported, the purchase price of 95 was determined through a modified Dutch auction procedure, with the minimum purchase price being $880 and the maximum purchase price set at par.

Tendering noteholders could submit either competitive or non-competitive offers. Competitive offers specified an offer price higher than the minimum price.

The purchase price was determined as the lowest purchase price that would enable the issuer to purchase the acceptance amount.

All notes tendered at prices lower than the purchase price have been accepted in full without proration, and all notes validly tendered and accepted that specified offer prices equaling the purchase price will be subject to a proration factor of approximately 1%, subject to adjustments.

All noteholders will receive the same purchase price.

Repurchased notes may be held, reissued, resold or canceled.

The offer expired at 11 a.m. ET on July 19.

Settlement will be on July 25.

Following settlement, $650 million in total principal amount of the notes will remain outstanding.

J.P. Morgan Securities plc will be the dealer manager (+44 20 7134 2468, em_europe_lm@jpmorgan.com).

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

Ulker Biskuvi Sanayi is an Istanbul-based producer of confections and baked goods.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.