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Molnlycke to accept 249.9 million of 1.5% notes in tender offer
By Sarah Lizee
Olympia, Wash., Sept. 4 Molnlycke Holding AB (publ) said it received valid tenders of 370,887,000 in its tender offer for up to 250 million of its 500 million 1.5% notes due Feb. 28, 2022.
The offer expired at 11 a.m. ET on Sept. 3.
The company also set the final acceptance amount at 249,898,000, according to a press release.
Tendered notes are subject to pro rata scaling at a scaling factor of 67.9999%.
The purchase price was set at 104.621 by reference to a fixed purchase yield of negative 0.35%.
Settlement is planned for Sept. 5.
Holders will also receive accrued interest.
Following settlement, 250,102,000 of the notes will remain outstanding.
As previously reported, the offer was made to optimize the groups debt maturity profile and cost of capital, Molnlycke said.
The offer is subject to a new financing condition. The company said it plans to issue new euro-denominated fixed-rate notes, the proceeds of which will be used, in whole or in part, to finance the tender offer.
When considering allocation of the new notes, the company may give preference to noteholders who, prior to allocation, have validly tendered or indicated their intention to tender their notes and subscribe for new notes.
Tender instructions had to be submitted in respect of a minimum nominal amount of notes of no less than 100,000, being the minimum denomination of the notes, and in integral multiples of 1,000 onwards.
The dealer managers are Barclays (+44 20 3134 8515, eu.lm@barclays.com) and Nordea Bank Abp (+45 554 74253, nordealiabilitymanagement@nordea.com). The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880, molnlycke@lucid-is.com).
Molnlycke is a medical device company with headquarters in Gothenburg, Sweden.
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