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Telia launches capped tender offer for capital securities due 2078
By Marisa Wong
Los Angeles, Sept. 12 – Telia Co. AB has begun a cash tender offer for a maximum acceptance amount of its outstanding subordinated fixed-rate reset six-year non-call capital securities due 2078 (ISIN: XS1590787799), according to a notice.
Currently, €699,956,000 of the original €900 million principal amount is outstanding.
The company is offering to purchase the securities at 100.625 plus accrued interest.
If the offer cap is exceeded, tendered notes are expected to be accepted on a pro rata basis.
The tender offer cap will be determined and announced at the issuer’s discretion, subject to satisfaction or waiver of the offer’s new financing condition. The issuer expects the maximum acceptance amount to be equal to the amount of new subordinated fixed-rate reset capital securities it plans to issue.
Holders of the existing notes who participate in the tender offer and wish to subscribe for new securities may be given priority in allocation of the new securities.
The tender offer expires at 11 a.m. ET on Sept. 19. Settlement is expected to be on Sept. 21.
If 80% or more of the existing securities originally issued have been repurchased, the issuer may choose to exercise the securities’ clean-up call option.
Barclays Bank Ireland plc (eu.lm@barclays.com, +44 20 3134 8515) and BNP Paribas (liability.management@bnpparibas.com, +33 1 55 77 78 94) are the dealer managers.
Kroll Issuer Services Ltd. (+44 20 7704 0880, attn.: David Shilson, telia@is.kroll.com, https://deals.is.kroll.com/telia) is the tender agent.
Telia is a Stockholm-based company that provides network access and telecommunication services.
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