Wendel buys back €90.8 million of bonds due 2026 in tender offer

By Mary-Katherine Stinson

Lexington, Ky., June 20 – Wendel SA updated the results of its tender offer for its €300 million of outstanding 1.375% bonds due in April 2026 (ISIN: FR0013417128), according to a company notice.

The company repurchased a nominal amount of €90.8 million, or a total amount of €84.3 million, excluding accrued interest, with a spread of mid-swaps plus 50 basis points.

Tendered bonds will be canceled.

The tender offer was conditional on the settlement of a new bond issue. Wendel successfully placed a €300 million 4.5% bond issue due June 2030 last week.

The repurchase of the bonds is conditional upon the effective settlement of this new issue.

As previously reported, the company had said it may give allocation priority to holders who tendered or gave firm intention to tender existing notes under the offer.

Credit Agricole CIB and Societe Generale are the dealer managers of the tender offer.

Wendel is an investment firm based in Paris.

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