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Phoenix PIB Dutch offers to buy back up to €100 million 3 5/8% notes
By Angela McDaniels
Tacoma, Wash., Nov. 6 – Phoenix PIB Dutch Holding BV began a tender offer for Phoenix PIB Dutch Finance BV’s €300 million 3 5/8% fixed-rate bearer notes due 2021, according to a company announcement.
The company plans to accept up to €100 million principal amount of the notes.
The company will not accept offers that would result in the relevant noteholder transferring less than €100,000 principal amount of notes to the company.
The offer will end at 11 a.m. ET on Nov. 13.
The purchase price will be determined at or around 7 a.m. ET on Nov. 14 by reference to the sum of the relevant interpolated mid-swap rate and 54 basis points.
The company will also pay accrued interest up to but excluding the settlement date, which is expected to be Nov. 16.
The company said the rationale of the offer is to optimize the financial structure of Phoenix Pharmahandel GmbH & Co. KG and its subsidiaries, including Phoenix PIB Dutch Holding and Phoenix PIB Dutch Finance; to lower the group's future interest expenses and to reduce the group's outstanding debt.
The dealer managers are Commerzbank AG (+49 69 136 59920 or liability.management@commerzbank.com) and ING Bank NV, London Branch (+44 207 767 1734 or liability.management@ing.com). The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or phoenix@lucid-is.com).
Phoenix Pharmahandel is a Mannheim, Germany-based pharmaceutical wholesaler.
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