Wendel accepts €344.1 million of tendered notes from three series

By Marisa Wong

Morgantown, W.Va., June 13 – Wendel SA said it accepted for purchase €344.1 million of notes tendered under its offer to repurchase three note issues for up to a maximum tender payment of €400 million.

The total consideration for the tendered notes is €399,995,202, according to a company announcement on Monday.

The offer began on June 6 and expired on June 10. Settlement will be on June 15.

Wendel offered to repurchase the following series of notes:

• €692 million of outstanding €700 million 4.375% notes due August 2017. The company accepted for purchase €57.6 million of the 2017 notes at 105.032 for a tender consideration of €60,498,432;

• €500 million 6.75% notes due April 2018, none of which will be repurchased. The 2018 notes would have been repurchased at 112.464; and

• €500 million of outstanding €600 million 5.875% notes due September 2019. The company accepted for purchase €286.5 million of the 2019 notes at 118.498 for a tender consideration of €339,496,770.

Pricing for the 2019 notes was set on Monday using a fixed spread of 30 basis points over the interpolated mid-swap rate.

The company also will pay accrued interest to but excluding the settlement date.

The proration factor was 0.23958 for the 2017 notes and 1 for the 2019 notes.

After the settlement date, there will be €634.4 million of the 2017 notes, €500 million of the 2018 notes and €313.5 million of the 2019 notes outstanding.

The offer allows the company to reduce its gross debt, the company said in a previous announcement.

The joint dealer managers are Societe Generale (+33 1 42 13 32 40 or liability.management@sgcib.com) and Natixis (+33 1 58 55 80 98 or liability.management-corporate@natixis.com). The tender agents are Societe Generale Securities Services (Adeline Dore, +33 2 51 85 52 43, fax +33 2 51 85 57 20 or nantes.gis-op-titres@sgss.socgen.com) and Lucid Issuer Services Ltd. (Thomas Choquet, +44 20 7704 0880 or wendel@lucid-is.com). The information agent is Lucid Issuer Services.

Wendel is an investment firm based in Paris.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.