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Kering tenders for €300 million of four note series until Thursday
By Susanna Moon
Chicago, Sept. 28 – Kering is tendering for up to €300 million of four series of notes until 10 a.m. ET on Oct. 4.
Pricing will be set at 6 a.m. ET on Oct. 5 as follows:
• €300 million of 3.125% notes due April 23, 2019 using a tender yield of negative 0.35% for a tender price of 101.872%, or €1,018.72 for each €1,000 principal amount;
• €500 million of 2.5% notes due July 15, 2020 using a tender yield of negative 0.15% for a tender price of 104.686%, or €104,686 for each €100,000 principal amount;
• €400 million of 1.375% notes due Oct. 1, 2021 using the 2021 interpolated mid-swap rate minus 5 basis points; and
• €394.8 of 0.875% notes due March 28, 2022 using the 2022 interpolated mid-swap rate plus 5 bps.
The tender offer price for the 3.125% notes and 2.5% notes assumes a settlement date of Oct. 9, according to a company announcement.
The company will also pay accrued interest to but excluding the settlement date.
The dealer managers are Crédit Agricole CIB (+44 207 214 5733 or liability.management@ca-cib.com), UniCredit Bank AG (+ 49 89 378 13722 or corporate.lm@unicredit.de) and Natixis (+ 33 1 58 55 08 14 or liability.management-corporate@natixis.com). The tender agent is BNP Paribas Securities Services (+ 33 1 55 77 61 60, fax + 33 1 57 43 31 38 or paris.bp2s.offers@bnpparibas.com).
The information agent is BNP Paribas Securities Services (+33 1 57 43 10 77 or paris.bp2s.information.agent@bnpparibas.com).
As previously announced, Kering tendered for the four series earlier this year until April 4 and accepted €405.2 million of the notes.
Kering is a Paris-based manufacturer of luxury goods.
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