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Eurofins accepts tenders of 686.08 million in offer for three notes
By Wendy Van Sickle
Columbus, Ohio, May 19 Eurofins Scientific said it took in tenders totaling 894.6 million by the deadline of its tender offers for three series of its bonds and that it will accept tenders totaling 686,078,000.
The tender offers covered the companys 500 million 3 3/8% bonds due Jan. 30, 2023 with 353,609,000 outstanding, its 650 million outstanding 2 1/8% bonds due July 25, 2024 and 600 million outstanding 3Ύ% bonds due July 17, 2026.
The company received and accepted tenders of 186,078,000 of the 2023 bonds, according to a company release. The accepted tendered 2023 bonds will be purchased at 106.027, based on the 1.5% German bund due September 2022 and a spread of 50 basis points.
It received tenders of 410,806,000 of the 2024 bond and accepted 202,248,000 of those tenders. The accepted tendered 2024 bonds will be purchased at 106.537, calculated using a purchase yield of negative 10 bps.
Eurofins received and accepted tenders of 297,752,000 of the 2026 bonds at 117.570. The price for the 2026 bonds is based on the 2026 interpolated mid-swap rate and a spread of 37 bps.
The offers included no priority order and were subject to the successful issuance of bonds under a planned benchmark sized offering between 500 million and 750 million (expected rating: //BBB-).
The tender was announced on May 10 and expired on May 18.
After the completion of the tender offer and issuance of new bonds, the remaining 2023 bonds will be redeemed via the make-whole clause of the indenture before the end of June, the company said.
The international group of laboratories is based in Luxembourg.
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