By Wendy Van Sickle
Columbus, Ohio, Sept. 1 – Tiffany & Co. issued ¥10 billion of 0.78% senior notes due Aug. 26, 2026 on Aug. 26, according to an 8-K filing with the Securities and Exchange Commission.
The company sold the notes to an affiliated company of Metropolitan Life Insurance Co. in a transaction exempt from the registration requirements of the Securities Act of 1933.
Metropolitan Life Insurance Co. and certain of its affiliated companies also hold Tiffany’s 4.4% series B-M senior notes due July 25, 2042.
The notes may be redeemed at par plus a make-whole premium of 50 basis points over Japanese government bonds plus accrued interest.
The New York-based jewelry company used proceeds to repay its ¥10 billion of 1.72% senior notes due Sept. 1, 2016 at maturity.
| Issuer: | Tiffany & Co.
|
| Issue: | Senior notes
|
| Amount: | ¥10 billion
|
| Maturity: | Aug. 26, 2026
|
| Coupon: | 0.78%
|
| Call option: | At par plus a make-whole premium of JGB plus 50 bps
|
| Settlement date: | Aug. 26
|
| Distribution: | Private placement
|
| Purchaser: | Affiliate of Metropolitan Life Insurance Co.
|
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