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Boral early results exceed tender cap amount for 3.75% notes
Chicago, July 6 – Boral Finance Pty Ltd., a wholly owned subsidiary of Boral Ltd., announced the early tender results for its cash offer for up to $300 million of its $500 million outstanding 3.75% guaranteed senior notes due 2028 (Cusip: 09952AAC0, Q1700EAB8), according to a press release.
Noteholders tendered $405,098,000 of their notes by the 5 p.m. ET July 6 early tender time.
Tenders may no longer be withdrawn.
Because the offer is oversubscribed, Boral will prorate the offer using a rate of approximately 74.07%.
The company also said that it does anticipate accepting any notes validly tendered after the early tender time.
Pricing will be calculated at 10 a.m. ET on July 7.
The consideration will be determined using the 2.625% U.S. Treasury due May 31, 2027 and a fixed spread of 140 basis points.
Boral is offering an early tender premium of $30 per $1,000 principal amount of notes.
The issuer noted in the original offer that if the early tender consideration is determined to be greater than $1,000 per $1,000 principal amount, then the early tender consideration will be calculated based on an assumed maturity date of Feb. 1, 2028, the par call date for the notes, and not May 1, 2028, the stated maturity date for the notes.
Holders whose notes are purchased in the tender offer will receive accrued interest up to but excluding the settlement date.
Early settlement is expected to occur on July 11.
The official expiration time is 11:59 p.m. ET on July 20 and settlement for the final deadline was scheduled for July 22.
Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) is the dealer manager for the tender offer.
Global Bondholder Services Corp. (212 430-3774 for banks and brokers only, 855 654-2015 or 212 430-3774; contact@gbsc-usa.com; www.gbsc-usa.com/boral/) is the depositary and information agent.
Boral is an integrated construction materials business based in North Ryde, Australia.
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