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Nyrstar accepts tenders for 247.64 million of two note series
By Marisa Wong
Madison, Wis., Oct. 1 Nyrstar NV wholly owned subsidiary Nyrstar Netherlands (Holdings) BV completed its public tender offer for up to 320 million of notes.
The offer, launched on Sept. 16, was for any and all of the companys 220 million principal amount of outstanding 5½% bonds due April 9, 2015 and up to 100 million of its outstanding 515 million 5 3/8% bonds due May 11, 2016.
As of 10 a.m. ET on Sept. 29, the expiration of the offer, 147.7 million of 5½% bonds were tendered and accepted and 270,277,000 of 5 3/8% bonds were tendered. Because the amount of 5 3/8% bonds tendered exceeded the offer cap, the amount of 5 3/8% bonds accepted under the offer was reduced on a pro rata basis; the company accepted a total of 99,936,000 of the 5 3/8% bonds.
The offer price is 1,022.50 for each 1,000 of 5½% bonds and 1,027.50 for each 1,000 of 5 3/8% bonds.
In addition, the company will pay accrued interest up to the payment date, expected to be Oct. 6.
The tender offer was initially conditioned on completion of a 251,633,365 rights offering, which was completed on Tuesday. As a result, the tender offer is no longer conditioned on the rights offering.
The tender offer is a part of a comprehensive strategic financing, the company previously said. In addition to the tender offer, the financing consists of the rights offering and an offering of 350 million of 8½% senior notes due 2019, which priced on Sept. 12.
Goldman Sachs International acted as global coordinator and Goldman Sachs International, KBC Bank NV and BNP Paribas Fortis SA/NV as dealer managers of the tender offer.
The Balen, Belgium, mining and metals business issued the 5½% bonds on April 9, 2010 and the 5 3/8% bonds on May 11, 2011.
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