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Eversholt to accept tenders for £128.65 million of bonds due 2025
By Sarah Lizee
Olympia, Wash., June 25 – Eversholt Funding plc has decided to accept for purchase all £128,651,000 of notes tendered under its cash tender offer for up to £150 million of its £400 million 6.359% bonds due 2025 (ISIN: XS0563638401), according to a London Stock Exchange notice from offeror RBC Europe Ltd.
The notes will be purchased with no pro rata scaling.
The purchase price was set at 124.098, determined at around 8 a.m. ET on June 25 using the 2% U.K. Treasury gilt due Sept. 7, 2025 plus 180 basis points.
The expiration deadline for the offer was 11 a.m. ET on June 24.
Settlement is expected for June 29.
Tender instructions were irrevocable except in limited circumstances and had to be submitted in respect of a minimum nominal amount of no less than £100,000 and in integral multiples of £1,000 thereafter.
The company announced June 18 that it plans to issue a series of new sterling-denominated fixed-rate bonds under its £3 billion multicurrency program. Whether the offeror will accept for purchase any bonds tendered in the offer is subject to the pricing of the new bonds, among other things.
When considering allocations of the new bonds, the company may give preference to bondholders who tendered their bonds and subscribe for new bonds.
The joint dealer managers are BNP Paribas (+33 1 55 77 78 94, liability.management@bnpparibas.com), HSBC Bank plc (+44 20 7992 6237, LM_emea@hsbc.com) and RBC Europe Ltd. (+44 20 7029 7927, liability.management@rbccm.com). The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880, eversholt@lucid-is.com).
London-based Eversholt Funding provides transportation services. It is a subsidiary of CK Hutchison, a multinational conglomerate based in Hong Kong.
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