Lagardere begins tender for up to €150 million of 2.75% bonds due 2023

By Marisa Wong

Los Angeles, Sept. 27 – Lagardere SA launched a cash tender offer to purchase up to €150 million of its outstanding €500 million 2.75% bonds due 2023 with a pre-maturity call date of Jan. 13, 2023 (ISIN: FR0013153160), according to a notice.

Pricing will be based on the interpolated mid-swap rate and a spread of 65 basis points and will be set at or around 7 a.m. ET on Oct. 5.

The offer expires at 10 a.m. ET on Oct. 4. Settlement is expected to take place on Oct. 7.

Tenders may be subject to proration if the offer cap is exceeded. The company said it reserves the right to adjust the offer cap.

The tender offer is conditioned on the company pricing an issue of new bonds. The new bonds are expected to price before the expiration of the tender offer.

Holders who wish to subscribe for new bonds in addition to tendering their existing bonds may receive priority in the allocation of the new bonds.

BNP Paribas (+33 1 55 77 78 94, liability.management@bnpparibas.com) and Societe Generale (+33 1 42 13 32 40, +33 1 42 13 79 52, liability.management@sgcib.com) are the dealer managers of the tender offer.

Societe Generale (attn.: Laurent Brelet, +33 2 51 85 62 07, nantes.gis-op-titres@sgss.socgen.com) is the tender agent. Lucid Issuer Services Ltd. (attn.: Thomas Choquet / Arlind Bytyqi, +44 20 7704 0880, lagardere@lucid-is.com) is the information agent.

Lagardere is a media company based in Paris.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.