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China’s Lenovo gives results on notes, preferreds in tender offer
By Cady Vishniac
Detroit, Oct. 30 – China’s Lenovo Perpetual Securities Ltd. and Lenovo Group Ltd. announced the results of their tender offer to purchase for cash outstanding notes and preferred shares.
In order of acceptance priority from highest to lowest, $819,397,000 of Lenovo Perpetual’s outstanding $1 billion 5 3/8% preferred shares (ISIN: XS1575529539), $162,691,000 of Lenovo’s outstanding $500 million 3 7/8% notes due 2022 (ISIN: XS1573181440) and $63,221,000 of Lenovo’s $750 million 4¾% notes due 2023 (ISIN: XS1765886244) were tendered and accepted.
An earlier tender cap was waived, and all securities were accepted for purchase.
Lenovo previously extended the expiration deadline of the offer to noon ET on Oct. 29 from noon ET on Oct. 28, according to a notice.
The companies are offering to pay a tender price per $1,000 principal amount of $1,037.00 for the preferreds, $1,032.00 for the 2022 notes and $1,055.00 for the 2023 notes. The companies will also pay accrued interest to but excluding the settlement date.
Settlement is slated for Nov. 2.
The offer is subject to a financing condition. Lenovo announced on Oct. 30 that it has sold $1 billion of notes in a new offering.
Citigroup Global Markets Ltd. (+852 2501 2693, liabilitymanagement.asia@citi.com), Morgan Stanley & Co. International plc (+852 2848 5200, apsynd@morganstanley.com), BNP Paribas (+852 2108 5228, asia_syndicate@bnpparibas.com), Credit Suisse (Hong Kong) Ltd. (+852 2101 7132, list.liabilitymanagementasia@credit-suisse.com) and DBS Bank Ltd. (+852 3668 1900, liabilitymanagement@dbs.com) are the dealer managers for the tender offer.
Morrow Sodali Ltd. (+44 20 8089 3287, +852 2158 8405, lenovo@investor.morrowsodali.com, https://bonds.morrowsodali.com/lenovo) is the tender and information agent.
Lenovo is a Beijing-based technology company.
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