Koninklijke KPN offers to buy back $1 billion 8 3/8% notes due 2030

By Angela McDaniels

Tacoma, Wash., Nov. 4 – Koninklijke KPN NV began a tender offer for its $1 billion 8 3/8% notes due October 2030, according to a company news release.

The offer will expire at 5 p.m. ET on Nov. 12.

The purchase price will be determined by reference to a fixed spread of 215 basis points over the reference yield that corresponds to the bid-side price of the 1.625% Treasury note due August 2029 at 11 a.m. ET on Nov. 12.

Holders will also receive accrued interest up to but excluding the settlement date, which is expected to be Nov. 15.

KPN's obligation to accept notes tendered in the offer is subject to the satisfaction of some conditions.

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

The dealer managers are Goldman Sachs International (800 828-3182 or +44 20 7552 6157) and Credit Suisse Securities (Europe) Ltd. (+44 20 7883 8763 or 800 820-1653). The tender agent is Lucid Issuer Services Ltd. (+44 207 704 0880 or kpn@lucid-is.com).

Koninklijke KPN is a telecommunications company based on Rotterdam, the Netherlands.

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