Molnlycke launches tender offer for €500 million 1.75% notes due 2024

By Marisa Wong

Los Angeles, Aug. 29 – Molnlycke Holding AB (publ) is inviting holders of its €500 million outstanding 1.75% notes due Feb. 28, 2024 (ISIN: XS1317732771) to tender any and all of their notes for purchase for cash.

The company is offering to purchase the notes at 98.9, plus accrued interest.

Tendered notes will be accepted in full with no scaling.

Tender instructions are irrevocable.

The offer expires at 11 a.m. ET on Sept. 6.

Results will be announced on Sept. 7.

Settlement is slated for Sept. 11.

The tender offer is subject to a new financing condition. The company announced on Tuesday that it plans to issue a new series of euro-denominated fixed-rate notes under its €3 billion euro medium-term note program. Proceeds from the new notes will be used to finance the tender offer.

Holders participating in the tender offer may be given priority in allocation of the new notes.

The purpose of the tender offer is for the company to optimize its debt maturity profile. Any notes purchased under the offer will be canceled.

The joint dealer managers for the offer are BNP Paribas (+33 1 55 77 78 94; liability.management@bnpparibas.com) and Skandinaviska Enskilda Banken AB (publ) (+44 7 818 426 149; liabilitymanagementdcm@seb.se).

The tender agent is Kroll Issuer Services Ltd. (+44 20 7704 0880; molnlycke@is.kroll.com; attn.: Owen Morris; https://deals.is.kroll.com/molnlycke).

The holding company for medical device companies is based in Gothenburg, Sweden.

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