Koninklijke KPN begins tender offer for capital securities due 2073

By Marisa Wong

Los Angeles, Sept. 13 – Koninklijke KPN NV announced an offer to purchase for cash any and all of its $600 million outstanding capital securities due 2073 callable on March 28, 2023 (Cusip: 50048VAA8, N4297BBC7).

KPN is offering to purchase the notes at 101.3 plus accrued interest to but excluding the settlement date, according to a press release.

The offer expires at 5 p.m. ET on Sept. 20.

Settlement is expected to occur on Sept. 22.

Settlement of tenders under guaranteed delivery procedures is expected to be on Sept. 23.

The offer is subject to a financing condition.

The issuer noted that if it repurchases or redeems 90% or more of the original principal amount of the securities, it has the right to redeem the remaining securities in full at par.

The purpose of the tender offer is to proactively manage the company’s debt and reduce its ongoing interest expense.

The dealer managers are Banco Santander, SA (Tommaso.GrosPietro@santandercib.co.uk or alex.pilkington@gruposantander.com), Barclays Bank Ireland plc (800 438-3242, 212 528-7581 or +44 20 3134 8515), Cooperatieve Rabobank UA (+31 30 216 9022), Credit Suisse Bank (Europe), SA (+44 20 7883 8763 or 800 820-1653) and UniCredit Bank AG (+49 171 306 6648 or corporate.lm@unicredit.de).

Kroll Issuer Services Ltd. (+44 20 7704 0880 or kpn@is.kroll.com; https://deals.is.kroll.com/kpn) is the tender agent.

KPN is a telecommunications company based in Rotterdam, the Netherlands.

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