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ITV completes exchange offer for €500 million 6% notes due 2011
By Angela McDaniels
Tacoma, Wash., June 25 - ITV plc said it accepted €268,387,000 principal amount of its €500 million of 6% notes due Oct. 3, 2011 during an exchange offer than expired at 11 a.m. ET on June 24.
For each €1,000 principal amount of old notes tendered, holders will receive about €700 of new 10% notes due 2014 and about €300 in cash. The company will also pay accrued interest.
The settlement date is expected to be June 30.
The new notes are being issued in minimum denominations of €50,000 and in multiples of €1,000 above that. The new note component of the payment for any holding of existing notes tendered will be rounded up to the nearest €1,000, and the remaining payment amount will be rounded down and delivered in cash.
As a result, the minimum holding of existing notes that could be tendered was €71,000. In such a case the holder would receive €50,000 of new notes and €21,000 in cash.
When the offer began on June 10, the coupon on the new notes was expected to be 9%. The company increased the coupon to 10% on June 22.
The total payment being made in the offer is €80.51 million in cash and €187,873,000 of new notes. ITV offered to issue up to €350 million of the new notes in the offer.
The company said the rationale for the offer is to reduce its overall debt and its debt maturities due in the next three years.
ITV noted that the coupon of the existing notes steps down to 4¾% under some circumstances.
The dealer manager was Royal Bank of Scotland plc (+44 20 7085 8056/6192, Attn: Andrew Burton/Russell Maybury). The exchange agent was Citibank, NA, London Branch (+44 20 7508 3775, Attn: Exchange Team).
ITV is a London-based television broadcaster.
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