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Lenovo begins capped tender offer for 2023 notes
By William Gullotti
Buffalo, N.Y., July 18 – Lenovo Group Ltd. launched a capped tender offer for its 4¾% notes due March 2023 (ISIN: XS1765886244), according to a notice on Monday.
$750 million of the notes were issued March 29, 2018, of which a principal amount of $686,779,000 remains outstanding.
The tender cap is expected to be determined on or around July 22.
Lenovo is offering to pay a tender price of $1,005 per $1,000 principal amount of notes tendered plus accrued and unpaid interest up to, but excluding, the settlement date.
The offer will expire at noon ET on July 22.
Settlement is expected on or about July 27.
Tenders may be prorated if the cap is exceeded and not otherwise raised or waived.
The offer is subject to a financing condition. Lenovo also announced on Monday that it will concurrently offer new dollar-denominated fixed-rate senior notes, with proceeds derived from the non-green tranche to be used to finance the tender offer.
Tenders may not be withdrawn under any circumstances.
Citigroup Global Markets Ltd. (+852 2501 2693, liabilitymanagement.asia@citi.com), Morgan Stanley & Co. International plc (+44 20 7677 7799, tmgap@morganstanley.com), BNP Paribas (+852 2108 5056, asia_syndicate@bnpparibas.com, liability.management@bnpparibas.com), Credit Suisse (Hong Kong) Ltd. (+852 2101 7847, list.liabilitymanagementasia@credit-suisse.com), HSBC Ltd. (+852 3941 0223, liability.management@hsbcib.com), J.P. Morgan Securities plc (+852 2800 2195, +852 2800 8201, Liability_Management_LENOVO@jpmorgan.com), DBS Bank Ltd. (+852 2806 5325, liabilitymanagement@dbs.com) and Goldman Sachs (Asia) LLC (+852 2978 1162, aej_syndicate@gs.com) are the dealer managers for the tender offer.
Morrow Sodali Ltd. (+44 20 4513 6933, +852 2319 4130, lenovo@investor.morrowsodali.com, https://projects.morrowsodali.com/lenovo) is the tender and information agent.
Lenovo is a Beijing-based technology company.
© 2015 Prospect News.
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