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Lenovo accepts tenders for $200 million of 4¾% notes due 2023
By Marisa Wong
Los Angeles, July 25 – Lenovo Group Ltd. announced the final results of its tender offer to purchase up to $200 million of its 4¾% notes due March 2023 (ISIN: XS1765886244), according to a notice on Monday.
As of the expiration of the offer at 11 a.m. ET on July 22, holders had tendered an amount of notes exceeding the offer cap.
The company has accepted for purchase $200 million of the tendered notes using a proration factor of 56.791360%.
At the start of the offer on July 18, $686,779,000 of the original $750 million principal amount was outstanding.
Lenovo is offering a tender price of $1,005 per $1,000 of notes plus accrued interest up to but excluding the settlement date.
Settlement is expected on or about July 27.
The offer is subject to a financing condition.
Specifically, completion of the tender offer is conditioned on settlement of an issuance of $625 million of 6.536% notes due 2032 and $625 million of 5.831% notes due 2028.
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 Hong Kong-based technology company.
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