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TP ICAP accepts £68.63 million 5¼% notes due 2024 in tender offer
By Wendy Van Sickle
Columbus, Ohio, May 24 – TP ICAP plc said it will accept £68,625,000 of notes in its tender offer for its £500 million 5¼% notes due 2024, according to a filing with the London Stock Exchange.
The company announced the offer on May 16 and said it expected to accept no more than £80 million principal amount of notes in the offer. No scaling factor will be applied to the accepted tenders, according to Friday’s update.
The purchase price is 104% of par plus accrued interest.
Notes purchased in the offer are expected to be canceled.
The offer ended at 11 a.m. ET on May 23. The settlement date is expected be May 30.
The offer is conditioned upon the company’s issuance of new sterling-denominated fixed-rate notes due 2026, which is expected to settle on May 29.
Holders had to tender at least £100,000 principal amount of notes in order to participate.
The dealer manager is Merrill Lynch International (+44 20 7996 5420 or DG.LM_EMEA@baml.com). The tender and information agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or tpicap@lucid-is.com).
TP ICAP is an interdealer broker based in London.
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