Lagardere accepts €150 million of tendered 2.75% bonds due 2023

By Marisa Wong

Los Angeles, Oct. 5 – Lagardere SA accepted for purchase €150 million of tendered bonds under its 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.

Lagardere accepted the bonds at 103.278 using a proration factor of 61.08%.

As announced on Sept. 27, pricing is based on the interpolated mid-swap rate and a spread of 65 basis points. Pricing was set around 7 a.m. ET on Oct. 5.

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

After settlement there will be €350 million principal amount of the bonds outstanding.

The tender offer was conditioned on the company pricing an issue of new bonds before the expiry. That condition has been satisfied.

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.

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