IHS Netherlands takes in $527.96 million tenders of 9½% notes

By Sarah Lizee

Olympia, Wash., Oct. 25 – IHS Netherlands Holdco BV took in tenders of $527,964,000 of notes in its offer for any and all of its outstanding $800 million 9½% senior notes due 2021, according to a notice.

The offer was announced on Sept. 3, and the early deadline was 5 p.m. ET on Sept. 16. By the early deadline, the company had taken in tenders of $526,264,000 of the notes, as previously reported.

The offer expired at 11:59 p.m. ET on Oct. 24.

Holders who tendered their notes by the early deadline were eligible to receive the early tender premium, which is $5 per $1,000 of notes.

The total consideration is $1,028.75 per $1,000 of notes, which includes the early tender premium.

Holders will also receive accrued interest.

Early settlement was expected on Sept. 18, and final settlement is expected for Oct. 28.

Tender instructions must be submitted in respect of a principal amount of notes of no less than the minimum denomination, being $200,000, and may be submitted in integral multiples of $1,000 onwards.

The tender offer is subject to a financing condition, which has been satisfied. The issuer said it intends to offer new dollar-denominated senior notes and enter into a new credit facility.

Noteholders who wish to subscribe for new notes in addition to tendering existing notes may receive priority in the allocation of the new notes.

The company said the purpose of the tender offer is to proactively manage its overall debt redemptions and extend the debt maturity profile, as well as to consolidate and simplify its existing overall debt.

Additionally, the company gave a conditional notice that it will redeem any remaining outstanding notes on Oct. 28 at 102.375 plus accrued interest. Accordingly, holders who do not tender their notes will have their notes redeemed.

Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com), Goldman Sachs International (+44 20 7552 6157 or liabilitymanagement.eu@gs.com) and Standard Chartered Bank (liability_management@sc.com) are acting as dealer managers, and Lucid Issuer Services Ltd. (+44 20 7704 0880 or ihs@lucid-is.com) is acting as tender agent.

IHS Markit is a London-based business information and analytics company.

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