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Daily Mail starts tender offer for up to £75 million of 7½% bonds
By Jennifer Chiou
New York, Nov. 29 - Daily Mail and General Trust plc announced the launch of a tender offer for up to £75 million of its £156.5 million of 7½% bonds due 2013.
The company is offering £10,550 per £10,000 principal amount plus accrued interest.
The offer expires at 11 a.m. ET on Dec. 6, and settlement is scheduled for Dec. 9.
Daily Mail said that the goal of the offer is to reduce debt.
Any acquired bonds will be canceled.
The dealer manager is Royal Bank of Scotland plc (44 20 7085 5991; attn: Liability Management Group at liabilitymanagement@rbs.com). The tender agent is Lucid Issuer Services Ltd. (44 20 7704 0880; attn: Thomas Choquet/Paul Kamminga at dmgt@lucid-is.com).
The London-based media company originally issued £300 million of the bonds.
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