SocGen sets tender cap at €700 million in offer for Faurecia notes

By Susanna Moon

Chicago, Feb. 23 – Societe Generale said set the maximum acceptance amount at €700 million in the tender for Faurecia SA’s €700 million of 3 1/8% notes due June 2022.

As reported, Faurecia priced €700 million of senior notes due June 15, 2025 at par to yield 2 5/8% on Feb. 22.

Societe Generale is tendering for the notes until 10 a.m. ET on March 1. The offer began Feb. 21.

Pricing will be set at 6 a.m. ET on March 2 using the 0% Bunds due March 15, 2019 plus 20 basis points.

The first call date is June 15, 2018.

Faurecia previously said it planned to price the new fixed-rate senior notes, which would be subscribed for by the initial purchasers, and the notes purchased in the tender then be transferred to the company in exchange for the issue of new notes.

Settlement is expected to occur on March 6.

The dealer managers are BNP Paribas (+44 20 7595 8668 or liability.management@bnpparibas.com) or Societe Generale (+33 1 42 13 32 40 or liability.management@sgcib.com).

The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or faurecia@lucid-is.com).

Faurecia is a Nanterre, France-based supplier of automotive equipment.

© 2015 Prospect News.
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