Elisa accepts tenders for €126.04 million of 2021 notes, prices offer

By Marisa Wong

Morgantown, W.Va., Feb. 21 – Elisa Corp. said it received tenders for €126,036,000 of its €300 million 2.75% notes due 2021 as of 11 a.m. ET on Feb. 20, the expiration of its previously announced tender offer.

The company has decided to accept for purchase all of the tendered notes with no pro rata scaling, according to a notice.

As announced on Feb. 13, Elisa was tendering for up to €100 million of the existing notes in an offer being made by NatWest Markets.

Pricing for the offer was set at around 8 a.m. ET on Feb. 21. The notes will be purchased at 105.067 plus accrued interest equal to 0.256% of the principal amount.

The purchase price is based on a spread of 25 basis points plus the interpolated mid-swap rate.

Settlement is slated for Feb. 25.

The tender offer is conditioned on Elisa completing a €300 million seven-year eurobond issuance. The proceeds will be used for general corporate purposes, including financing the tender offer.

The dealer managers are NatWest Markets (+44 20 7678 5222, attn.: liability management, liabilitymanagement@natwestmarkets.com) and Nordea Bank Abp (+45 55 46 90 82, attn.: Nordea liability management, NordeaLiabilityManagemenet@nordea.com).

Lucid Issuer Services Ltd. (+44 20 7704 0880, fax +44 20 3004 1590, attn.: Paul Kamminga, elisa@lucid-is.com) is acting as tender agent.

Elisa is a Helsinki, Finland-based company that provides information and communication technology services in Finland and Estonia.

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