Koninklijke KPN prices tender for 8 3/8% notes due 2030 at 137.25

By Wendy Van Sickle

Columbus, Ohio, Nov. 12 – Koninklijke KPN NV priced its tender offer for its $1 billion 8 3/8% notes due October 2030, according to a company news release.

For each $1,000 principal amount of notes tendered, the company will pay $1,372.50.

The purchase price was determined by reference to a fixed spread of 215 basis points over the reference yield corresponding 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.

The offer was announced on Nov. 4 and will expire at 5 p.m. ET on Nov. 12.

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 20 7704 0880 or kpn@lucid-is.com).

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

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