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DSG launches tender for up to £140 million 6 1/8% guaranteed bonds
By Jennifer Chiou
New York, July 15 - DSG International plc announced the start of a tender offer for up to £140 million of its £300 million of 6 1/8% guaranteed bonds due 2012.
The Hemel Hempstead, England-based electronics retailer said that it will pay £1,015 per £1,000 principal amount of bonds.
DSG also said it plans to issue up to £150 million of new fixed-rate guaranteed notes due 2015. The tender and the new issue are aimed to extend the company's debt maturity profile and to enable it to extend its £360 million revolving credit facility to August 2013 from August 2012, according to a news release.
If tenders are received in excess of the cap, the company said it will accept tenders on a pro rata basis.
The offer is set to end at 11 a.m. ET on July 22. Settlement is earmarked for Aug. 2.
The dealer managers are Barclays Bank plc (44 20 7773 8990), BNP Paribas (44 20 7595 8668), Citigroup Global Markets Ltd. (44 20 7986 8969), HSBC Bank plc (44 20 7991 5874) and the Royal Bank of Scotland plc (44 20 7085 8056/4634).
The tender agent is Lucid Issuer Services Ltd. (44 20 7704 0880 or dsg@lucid-is.com).
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