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KAF tenders for class A, class B notes with €7.8 billion payment cap
By Susanna Moon
Chicago, Jan. 27 – Kärntner Ausgleichszahlungs-Fonds said it is tendering for some class A instruments and its class B instruments.
The purchase price will be 75% of par for class A notes and 30% of par for class B notes.
The maximum aggregate purchase price will be €7.8 billion, according to a notice by the Worthersee, Austria-based company.
The tender offers began Jan. 21 and will continue until 11 a.m. ET on March 11, with settlement following on March 16.
In addition, within four weeks from the date on which the liquidation of the obligor becomes legally binding, the company will pay to each accepting holder for the adjusted specified denomination of each tendered instrument purchased as a contingent additional purchase price the difference between all recovery amounts received from the liquidation of the obligor for each specified denomination for each tendered instrument, including any amounts for principal, interest and default payments, and the sum of any HETA compensation amount and the voluntary premium for the tendered instrument, subject to a maximum of the adjusted specified denomination minus the respective purchase price and subject to a minimum of zero, the press release said.
The agents are Citigroup Global Markets Ltd. (+44 207 986 8969 or liabilitymanagement.europe@citi.com), J.P. Morgan Securities plc (+44 207 134 2468 or emea_lm@jpmorgan.com) and Citibank, NA, London Branch (exchange.gats@citi.com or HETA.Instructions@citi.com).
The adjusted specified denomination on which the HETA compensation amount, the voluntary premium and the guarantee compensation amount are based contains a portion of the accrued interest up to and including March 1.
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