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Sanoma gets tenders for 300.28 million 5% notes, accepts 200 million
By Susanna Moon
Chicago, May 24 Sanoma Corp. said investors had tendered 300.28 million of its 400 million 5% notes due March 2017 by the end of the offer at 11 a.m. ET on May 23.
Sanoma will accept for purchase 200 million of the notes, using a proration factor of 63.164%, according to a company announcement.
The purchase price will be 1,041 for each 1,000 principal amount plus accrued interest, with settlement on May 26.
As announced May 13, Sanoma planned to finance the offer with proceeds of new notes and said it would accept for purchase an amount of notes up to the amount of the new issue.
The new issue condition has been satisfied, the company added.
The purpose of the arrangement is to proactively manage upcoming debt redemptions and to extend the average debt maturity profile for the company, the company said in the May 13 announcement.
Nordea Bank Danmark A/S and OP Corporate Bank plc are the dealer managers. Lucid Issuer Services Ltd. (+44 207 704 0880 or sanoma@lucid-is.com) is the tender agent.
Sanoma is a diversified media group based in Helsinki, Finland.
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