By Angela McDaniels
Tacoma, Wash., Nov. 5 – Koninklijke KPN NV accepted €1,423,656,000 and £293,719,000 principal amount of notes for purchase in its tender offer for 11 series of notes, according to a company news release.
The total amount payable is about €2,083,000,000.
The amount of notes accepted, the proration factor and the amount of each series of notes that will remain outstanding following settlement of the offer are noted in the first table below.
The second table lists the reference rates, purchase yields and purchase prices of the notes.
Pricing was set using a fixed spread over the purchase spread determined under a modified Dutch auction and the reference rate.
The company set the purchase spread for each series of notes at the applicable maximum purchase spread and accepted for purchase 4.25% notes due 2022 tendered under the relevant modified Dutch auction pursuant to non-competitive tender instructions in full without proration and 5.625% notes due 2024 validly tendered under the modified Dutch auction pursuant to non-competitive tender instructions in full without proration.
For the avoidance of doubt, the company did not accept for purchase any modified Dutch auction notes that were tendered pursuant to the competitive tender instructions.
The company also will pay accrued interest up to but excluding the settlement date.
With respect to the 5.75% notes due 2016 and the 6% notes due 2019, the foreign exchange rate was set at 0.786.
The offer began on Oct. 28 and ended at 11 a.m. ET on Nov. 4. The settlement date will be Nov. 7.
BNP Paribas, Citigroup Global Markets Ltd. and Royal Bank of Scotland plc were the structuring advisers and joint dealer managers. Cooperatieve Centrale Raiffeisen-Boerenleenbank BA and Credit Suisse Securities (Europe) Ltd. were also joint dealer managers. Citibank NA was the tender agent.
KPN is a the Hague, the Netherlands-based telecommunications and information and communication technology service provider.
| Notes | Acceptance amount | Proration factor | Amount outstanding after settlement
|
| 4% notes due 2015 | None | N/A | €1 billion
|
| 6.5% notes due 2016 | €280 million | 62.41% | €645 million
|
| 5.75% notes due 2016 | £140 million | 75.5% | £135 million
|
| 4.75% notes due 2017 | €250 million | 48.422% | €750 million
|
| 7.5% notes due 2019 | None | N/A | €750 million
|
| 6% notes due 2019 | £153,719,000 | 100% | £96,281,000
|
| 3.75% notes due 2020 | €277.27 million | 100% | €722.73 million
|
| 3.25% notes due 2021 | €389,283,000 | 100% | €360,717,000
|
| 4.5% notes due 2021 | None | N/A | €500 million
|
| 4.25% notes due 2022 | €134,288,000 | N/A | €615,712,000
|
| 5.625% notes due 2024 | €92,815,000 | N/A | €607,185,000
|
|
|
| Notes | Reference rate | Purchase yield | Purchase price
|
| 4% notes due 2015 | N/A | N/A | N/A
|
| 6.5% notes due 2016 | 0.196% | 0.076% | 107.632
|
| 5.75% notes due 2016 | 0.582% | 1.035% | 106.324
|
| 4.75% notes due 2017 | 0.230% | 0.130% | 110.117
|
| 7.5% notes due 2019 | N/A | N/A | N/A
|
| 6% notes due 2019 | 1.414% | 2.176% | 116.403
|
| 3.75% notes due 2020 | 0.533% | 0.983% | 115.709
|
| 3.25% notes due 2021 | 0.578% | 1.178% | 112.383
|
| 4.5% notes due 2021 | N/A | N/A | N/A
|
| 4.25% notes due 2022 | 0.715% | 1.665% | 117.652
|
| 5.625% notes due 2024 | 1.036% | 2.166% | 130.509
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
