China’s Lenovo tenders for $1.5 billion of 4.7% notes, 3 7/8% notes

By Susanna Moon

Chicago, March 14 – China’s Lenovo Group Ltd. said it is tendering for up to $1.5 billion of its $1.5 billion 4.7% notes due 2019 and $500 million 3 7/8% notes due 2022.

Lenovo is offering to repurchase the two series of notes until 5 a.m. ET on March 21 using proceeds of new dollar-denominated notes due 2023 and 2028, according to a company announcement.

The tender offer is contingent upon the issuance of the new notes.

The non-preferred tender cap is $400 million.

The purchase price will be payable in cash consisting of par plus the tender price, which was unspecified, and accrued interest.

BNP Paribas (+852 2108 5228 or asia_syndicate@bnpparibas.com), Citigroup Global Markets Ltd. (+852 2501 2693 or liabilitymanagement.asia@citi.com) and DBS Bank Ltd. (+852 3668 1900 or liabilitymanagement@dbs.com) are the dealer managers. D.F. King Ltd. (+44 20 7920 9700, +852 3953 7230, lenovo@dfkingltd.com or https://sites.dfkingltd.com/lenovo/) is the tender and information agent.

The 2019 notes and the 2022 notes were issued on May 8, 2014 and March 16, 2017, respectively.

Lenovo is a Beijing-based technology company.

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