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China’s Lenovo gets preferred tenders for $653.96 million 4.7% notes
By Susanna Moon
Chicago, March 22 – China’s Lenovo Group Ltd. announced the preliminary results of its capped tender offer for $1.5 billion 4.7% notes due 2019 and $500 million 3 7/8% notes due 2022.
As announced March 14 the company is offering to repurchase up to $1.5 billion of the two series of notes until 5 a.m. ET on March 21 using proceeds of new dollar-denominated notes due 2023 and 2028.
The non-preferred tender cap is $400 million.
For the 2019 notes, holders had tendered $653,956,000 of the notes under preferred tender instructions and $366,023,000 under non-preferred tender instructions, according to a company announcement.
For the 2022 notes, the company said it received $127.33 million of non-preferred 2022 tender instructions.
As a result, Lenovo expects to accept for purchase all of the preferred tenders and some of the non-preferred tenders using proration, according to a company notice on Thursday.
The final results of the tender offer will be announced on Friday.
The tender offer is contingent on the issue of the new notes.
The purchase price will be payable in cash consisting of par plus the tender price, which is still unspecified, and accrued interest.
Settlement is expected to occur on March 29.
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, and are listed on the Stock Exchange.
Lenovo is a Beijing-based technology company.
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