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Imperial Brands sees tenders of $646.49 million 3.5% notes due 2023
By Wendy Van Sickle
Columbus, Ohio, July 27 – Imperial Brands Finance plc took in tenders of $646,485,000 principal amount of notes under its tender offer for any and all of its $1 billion outstanding 3.5% notes due 2023 (Cusips: 453140AB1, G4721VBL7), according to a press release.
The offer was made on July 20. The bonds are guaranteed by Imperial Brands plc. The issuer was formerly known as Imperial Tobacco Finance plc.
The purchase price per $1,000 note is $1,000.50. Accrued interest will also be paid to the settlement date, which was expected to be July 27.
The offer is part of a refinancing transaction. The company intends to sell one or more debt securities concurrently with the tender offer to extend its maturity profile. The tender offer is conditional on the new offering of debt securities.
The expiration deadline was 5 p.m. ET on July 26, also the withdrawal deadline.
There are guaranteed delivery procedures. The guaranteed delivery deadline is 5 p.m. ET on July 28 with settlement on July 28. As of July 27, $646,000 of notes had been tendered under guaranteed delivery procedures. That amount is reflected in the total announced.
The information agent and depositary agent is Global Bondholder Services Corp. (212 430-3774, 855 654-2015, https://gbsc-usa.com/imperial/).
The dealer managers for the offer are Merrill Lynch International (+44 20 7996 5420, 888 292-0070, DG.LM-EMEA@bofa.com) and Mizuho Securities USA LLC (+44 20 7090 6134, 866 271-7403, 212 205-7736, FI-DCM-LiabilityManagement@mizuhogroup.com).
Imperial Brands Finance is a financing arm of Bristol, England-based tobacco company Imperial Brands plc.
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