EXOR begins tender offer for €690 million 5.375% notes due 2017

By Angela McDaniels

Tacoma, Wash., Sept. 30 – EXOR SpA began a tender offer for its €690 million of outstanding 5.375% notes due 2017, according to a company news release.

Holders who wish to participate must tender at least €50,000 principal amount of notes.

The offer is subject to a cap that has not yet been determined. If the amount of notes tendered exceeds the cap, the company will accept notes for purchase on a pro rata basis and each tender of notes will be rounded down to the nearest €50,000.

The purchase price will be determined at 8 a.m. ET on Oct. 9 by reference to the sum of the June 2017 interpolated rate plus 29 basis points. The company will also pay accrued interest.

The tender offer will end at 11 a.m. ET on Oct. 8, and the settlement date is expected to be Oct. 14.

Once submitted, tender instructions will be irrevocable.

The dealer managers are BNP Paribas (44 0 20 7595 8668 or liability.management@bnpparibas.com), Citigroup Global Markets Ltd. (44 20 7986 8969 or liabilitymanagement.europe@citi.com), Credit Agricole CIB (44 207 214 7142 or liability.management@ca-cib.com), Goldman Sachs International (44 207 774 9862 or liabilitymanagement.eu@gs.com) and UniCredit Bank AG (39 02 8862 0581, 49 89 378 15908, dcmitaly@unicredit.eu or corporate.lm@unicredit.de). The tender agent is Lucid Issuer Services Ltd. (44 0 20 7704 0880 or exor@lucid-is.com).

EXOR is an investment company based in Turin, Italy.

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