Sisecam begins tender offer for $400 million of 6.95% notes due 2026

By Mary-Katherine Stinson

Lexington, Ky., April 22 – Turkiye Sise ve Cam Fabrikalari AS, or Sisecam, launched a capped tender offer for up to $400 million of its $700 million 6.95% notes due March 14, 2026 (ISIN: US90016AAB61, XS1961010987), according to a company news release.

The company is offering to purchase the notes at $1,013.75 for each $1,000 principal amount of notes. This includes an early tender payment of $30 per $1,000 of notes for those noteholders who tender prior to the early deadline of 5 p.m. ET on May 3.

Holders tendering after the early deadline will receive the tender consideration of $983.75 per $1,000 principal amount of the notes accepted for purchase.

Accrued interest will also be paid.

In addition, if the maximum tender amount is increased or decreased fewer than 10 business days from the scheduled expiration date, the company expects to extend the offer so that at least that many days remain until the early tender deadline or the expiration date.

The withdrawal deadline corresponds with the early deadline.

Tenders may be subject to proration.

Notes tendered prior to the early deadline will have priority. If the maximum tender amount is reached before the early deadline, then no further notes will be accepted for purchase.

The early results are expected to be announced around May 7 with settlement that same day.

The offer expires at 5 p.m. ET on May 20, with results to be announced the next day.

Final settlement is expected for May 22.

The offer is subject to a financing condition.

Concurrently with this tender offer, the company and its wholly owned subsidiary Sisecam UK plc have announced plans to issue new dollar-denominated guaranteed notes, subject to market conditions. Tendering notes holders wishing to subscribe to the new SEC-exempt notes may receive priority allocations.

The issuer and the company intend to issue a total principal amount of new notes to satisfy the financing condition resulting in a surplus of approximately $600 million post offer. If a new note issue would not yield this surplus, the maximum tender amount may be reduced.

The principal purpose of the offer is to proactively manage the company’s existing debt and increase its average maturity and provide holders with an opportunity to extend their exposure to the company.

Citigroup Global Markets Inc. (212 723-6106, 800 558-3745, +44 20 7986 8969, liabilitymanagement.europe@citi.com) and J.P. Morgan Securities plc (+44 20 7134 2468, em_europe_lm@jpmorgan.com) are the dealer managers.

Citibank, NA, London Branch (+44 20 7508 3867, citiexchanges@citi.com) is the tender and information agent.

Istanbul-based Sisecam manufactures and sells glass.

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