BNP Paribas accepts €461.84 million of Holcim’s 1.375%, 3% notes

By Angela McDaniels

Tacoma, Wash., Nov. 25 – BNP Paribas announced the results of its tender offer for Holcim Finance (Luxembourg) SA’s €1.15 billion 1.375% notes due May 26, 2023 guaranteed by LafargeHolcim Ltd. and €500 million 3% notes due Jan. 22, 2024 guaranteed by Holcim Ltd. (since renamed as LafargeHolcim Ltd.)

The offers began Nov. 18 and ended at 5 p.m. ET on Nov. 22. The settlement date is expected to be Nov. 27.

As at the expiration deadline, holders had tendered €541,006,000 principal amount of notes.

Subject to the satisfaction or waiver of a financing condition, BNP Paribas accepted €461,837,000 principal amount of notes, consisting of €281,474,000 of 1.375% notes and €180,363,000 of 3% notes.

The 1.375% notes have been accepted on a prorated basis. The scaling factor is 81.2325%.

The offeror said it has applied a pro rata scaling to each tender of the 1.375% notes in such a manner as will result in both (i) the relevant noteholder transferring the 1.375% notes to the offeror in an aggregate nominal amount of at least €100,000 (being the minimum denomination of the notes) and (ii) the relevant noteholder's residual amount of the 1.375% notes (being the nominal amount of the 1.375% notes the subject of the relevant tender instruction that are not accepted for purchase by virtue of such pro rata scaling) amounting to either (a) at least €100,000 or (b) zero, and the offeror therefore intends to adjust the series scaling factor for the 1.375% notes applicable to any such tender instruction accordingly.

The purchase price is 105.142 for the 1.375% notes and 113.134 for the 3% notes. These were set using a purchase yield of negative 0.2% and negative 0.15%, respectively.

Following settlement of the offers, €868,525,000 principal amount of 1.375% notes and €319,637,000 principal amount of 3% notes will remain outstanding.

The dealer managers are Banco Bilbao Vizcaya Argentaria SA (+44 20 7648 7516 or liabilitymanagement@bbva.com), BNP Paribas (+44 20 7595 8668 or liability.management@bnpparibas.com), Mizuho Securities Europe GmbH (+44 20 7090 6134 or liabilitymanagement@uk.mizuho-sc.com), NatWest Markets plc (+44 20 7678 5282 or liabilitymanagement@natwestmarkets.com) and UBS AG, London Branch (+44 20 7568 1121 or ol-liabilitymanagement-eu@ubs.com).

The tender agent is Lucid Issuer Services Ltd. (+ 44 20 7704 0880 or Lafargeholcim@lucid-is.com).

LafargeHolcim is a Jona, Switzerland-based building materials company.

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