Kering sets tender amount at €405.2 million in offer for four series

By Susanna Moon

Chicago, April 5 – Kering said it set the indicative maximum tender amount at €405.2 million principal amount in its offer for four series of notes.

As announced March 26, the issuer was tendering for up to €350 million principal amount of four series of notes.

The acceptance amounts are expected to be as follows:

• €200 million of the €254,662,000 tendered from its €500 million of 3.125% notes due April 23, 2019 using a proration factor of 0.785550 at a price to be set using a tender yield of negative 0.3%;

• None of the €136.7 million tendered from its €500 million of 2.5% notes due July 15, 2020 at a price to be set using a tender yield of negative 0.15%;

• €100 million of the €141.8 million tendered from its €500 million of 1.375% notes due Oct. 1, 2021 using a proration factor of 0.764500 at a price to be set using a spread of negative 10 basis points over an interpolated mid-swap rate; and

• €105.2 million of the €219.8 million tendered from its €500 million of 0.875% notes due March 28, 2022 using a proration factor of 0.500000 at a price to be set using a spread of negative 5 bps over an interpolated mid-swap rate based on the first date on which the company may exercise its residual call, Dec. 28, 2021.

In addition to the prices calculated, Kering will pay accrued interest up to but excluding the settlement date.

The tender ended at 10 a.m. ET on April 4. Pricing was planned for 6 a.m. ET on April 5, and settlement is scheduled for April 9.

Kering said it will allocate the original €350 million amount to be purchased to each series at its sole discretion.

Societe Generale Corporate & Investment Banking (+33 1 42 13 32 40 or liability.management@sgcib.com) is structuring adviser and a dealer manager with HSBC Bank plc (+44 20 7992 6237 or lm_emea@hsbc.com) and Royal Bank of Scotland plc trading as NatWest Markets (+44 20 7678 5282 or liabilitymanagement@natwestmarkets.com).

BNP Paribas Securities Services (+ 33 1 55 77 61 60 or paris.bp2s.offers@bnpparibas.com) is tender agent, and BNP Paribas Securities Services (+33 1 57 43 10 77 or paris.bp2s.information.agent@bnpparibas.com) is information agent.

Kering is a Paris-based manufacturer of luxury goods.

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