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Metso Outotec accepts €103.15 million tendered 1.125% notes due 2024
By Marisa Wong
Los Angeles, Dec. 1 – Metso Outotec Corp. announced the results of its Nov. 23 invitation to holders of its €300 million outstanding 1.125% senior notes due June 13, 2024 (Cusip: XS1626574708) to tender any and all of their notes for purchase for cash.
As of the expiration of the offer at 11 a.m. ET on Nov. 30, holders had tendered €103,148,000 of the notes, according to a company announcement on Thursday.
The company will accept for purchase all of the tendered notes at 96.989.
The purchase price was calculated using the interpolated mid-swap rate as the reference benchmark and a fixed purchase spread of 40 basis points.
The company will also pay accrued interest.
Settlement is slated for Dec. 8.
After settlement, €196,852,000 of the notes will remain outstanding.
The tender offer is conditioned on the issuance of new notes. The company said it expects to issue €300 million of new 4.875% senior notes due 2027 before the settlement date of the tender offer.
Holders who participate in the tender offer may be given priority in allocation of the new notes, as previously noted.
Citigroup Global Markets Ltd. (+44 20 7986 8969; attn.: liabilitymanagement.europe@citi.com) and Nordea Bank Abp (+45 6136 0379; nordealiabilitymanagement@nordea.com) are dealer managers for the offer.
Kroll Issuer Services Ltd. (+44 20 7704 0880; metso@is.kroll.com; Owen Morris; https://deals.is.kroll.com/metso) is the tender agent.
The industrial machinery company is based in Helsinki, Finland.
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