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Roche begins tender for up to 250 million of 6.5% notes due 2021
By Susanna Moon
Chicago, Oct. 27 Roche Holdings, Inc. said it began a cash tender offer for up to 250 million of its 1.75 billion 6.5% notes due March 4, 2021.
Pricing will be set at 7 a.m. ET on Nov. 4 using the sum of a purchase spread of 15 basis points and the interpolated mid-swap rate.
The purchase price is intended to reflect a yield to maturity of the notes on the settlement date based on the purchase yield, according to a company notice.
Holders also will receive accrued interest.
The company said it reserves the right to accept less than or more than the stated amount of 250 million.
Tender instructions must be submitted by 11 a.m. ET on Nov. 3 for a minimum nominal amount of at least 1,000 and in integral amounts of 1,000 after that. A separate tender instruction must be completed on behalf of each beneficial owner.
The purpose of the offer is to reduce the groups gross debt, the company said.
Royal Bank of Scotland plc is the dealer manager (+44 20 7085 5991 or liabilitymanagement@rbs.com). Lucid Issuer Services Ltd. (+44 20 7704 0880 or roche@lucid-is.com) is the tender agent.
Roche is a Basel, Switzerland-based drug maker.
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