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Iceland Bondco announces maximum acceptance amount for tender offer
Chicago, July 27 – Iceland BondCo plc expects the maximum acceptance amount on its currently running tender offer to be £500 million, according to a notice.
The company started a tender offer on July 24, as previously reported, for its £550 million outstanding 4 5/8% senior secured notes due 2025 (ISIN: XS1681806326).
The cap was going to be determined after Iceland priced a new offering of sterling-denominated senior secured fixed-rate notes due 2027 and euro-denominated senior secured floating-rate notes due 2027.
Iceland noted that the cap announced on Thursday was indicative, and may be adjusted in its sole discretion to an amount that is either higher or lower.
The company is offering par, plus unpaid interest to the settlement date.
Tenders may be prorated.
The offer expires at 11 a.m. ET on July 31.
Settlement is anticipated for Aug. 9.
Kroll Issuer Services Ltd. is the tender agent (+44 20 7704 0880, iceland@is.kroll.com, https://deals.is.kroll.com/iceland).
The dealer managers are HSBC Bank plc (+44 20 7992 6237, LM_EMEA@hsbc.com) and J.P. Morgan Securities plc (+44 20 7134 4353, liability_management_EMEA@jpmorgan.com).
Iceland, a multi-channel food retailer specializing in frozen food, maintains headquarters in Deeside, U.K.
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