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Tiffany announces receipt of consents to amend senior notes due 2044
By Cady Vishniac
Detroit, Dec. 17 – Tiffany & Co. has received consents from holders representing a majority in principal amount of its outstanding 4.9% senior notes due Oct. 1, 2044 (ISINs: US886546AD24, US886546AC41 and USU88654AC94) and may now amend the notes, according to a press release.
As previously reported, the company announced it had received consents from holders representing a majority of its outstanding $250 million in 3.8% senior notes due Oct. 1, 2024 (ISINs: US886546AB67, US886546AA84 and USU88654AB12) by the original consent solicitation deadline of 5 p.m. ET on Dec. 15.
Holders representing only 44% of the outstanding principal of the 2044 notes returned their consents by the Dec. 15 deadline. On Dec. 15, the company announced it had extended its consent deadline for the 2044 notes to 5 p.m. ET on Dec. 17.
The consents were sought at the request of LVMH Moet Hennessy-Louis Vuitton SE, which is set to acquire Tiffany in 2021 under the terms of an agreement and plan of merger dated Oct. 28. The amendments are intended to allow for this merger.
The amendments will impact the reporting obligations of LVMH after the merger. LVMH will provide English translations of its period and current reporting in lieu of the company’s existing period and current reporting obligations.
Holders who returned their consents by the Dec. 15 deadline will receive $1.50 in cash per $1,000 principal amount of notes upon the merger closing.
Though it is not obligated to do so, LVMH may guarantee the notes after the closing of the merger.
The solicitation agents were MUFG Securities Americas Inc. (212 405-7440, 877 744-4532, +44 20 7577 4048/4218) and Citigroup Global Markets Inc. (212 723-6106, 800 558-3754).
The information and tabulation agent was D.F. King & Co., Inc. (866 796-7186, 212 269-5550).
The jewelry company is based in New York.
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