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FNAC Darty launches capped tender offer for 2024, 2026 notes
By Marisa Wong
Los Angeles, March 18 – FNAC Darty SA has begun an offer to purchase for cash up to a maximum amount of senior notes from two series, according to a Monday press release.
The two series are the company’s €300 million outstanding 1 7/8% senior notes due 2024 (ISIN: XS1987729412) and €350 million outstanding 2 5/8% senior notes due 2026 (ISIN: XS1987729768).
The 2024 notes will have priority in acceptance over the 2026 notes.
The company is offering to purchase notes at par plus accrued interest.
The tender offer is conditioned on completion of a concurrent issuance of new notes, proceeds of which will be used to fund the tender offer.
Holders who participate in the tender offer and wish to subscribe for the new notes may be given priority in the allocation of the new notes.
If not all the existing 2024 notes are repurchased in the offer, the company intends to redeem them at par shortly after the closing of the tender offer, according to the release. The company said it also plans, if need be, to partly redeem the 2026 notes that remain outstanding after the tender offer once they are able to be redeemed at par, i.e., from May 30, such that €50 million of the 2026 notes remain outstanding after that.
The tender offer expires at noon ET on March 22.
Settlement is slated for March 28.
BNP Paribas (liability.management@bnpparibas.com) and Credit Agricole CIB (+44 20 7214 5903; liability.management@ca-cib.com) are the lead dealer managers.
Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Jacek Kusion; fnac@is.kroll.com; https://deals.is.kroll.com/fnac) is the tender agent.
FNAC Darty, formerly Kesa Electricals plc, Darty plc and Darty Ltd., has headquarters in Ivry-sur-Seine, France.
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