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TP ICAP offer oversubscribed; holders tender £371.36 million of notes
Chicago, Nov. 16 – TP ICAP plc received tenders for £371,362,000 of its 5¼% notes due 2024 (ISIN: XS1555815494) from its capped offer to purchase up to £200 million from the its £431,375,000 outstanding, according to an announcement.
The deadline was 11 a.m. ET on Nov. 15.
Subject to the new financing condition, the company will accept the notes with pro rata scaling using a factor of 48.8666%.
Pricing for the offer took place at 9 a.m. ET on Nov. 16.
Using the 1/8% U.K. Treasury due Jan. 31, 2024 plus 75 basis points, the company will buy the notes at 108.408.
Following settlement on Nov. 18, there will be £246,887,000 of the notes outstanding.
HSBC Bank plc (+44 20 7992 6237, LM_EMEA@hsbc.com) and Merrill Lynch International (+44 20 7996 5420, DG.LM_EMEA@bofa.com) are working as dealer managers.
Lucid Issuer Services Ltd. is the tender agent (+44 20 7704 0880, tpicap@lucid-is.com).
TP ICAP is an interdealer broker based in London.
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