FNAC Darty announces redemption price for 3¼% notes due 2023

By Sarah Lizee

Olympia, Wash., May 14 – FNAC Darty SA set the redemption price for its outstanding €650 million 3¼% senior notes due 2023 set to be redeemed on May 15.

The redemption price is equal to 103.28612684, which is par plus an applicable premium and accrued interest to the redemption date, according to a notice.

As previously reported, the applicable premium is the excess of (a) the present value at the redemption date of 101.625% of the principal amount of notes to be redeemed plus all remaining interest payments to and including Sept. 30, 2019, computed using a discount rate equal to the Bund rate at the redemption date plus 50 basis points, over (b) the outstanding principal amount of notes on the redemption date.

The company plans to fully redeem the notes using proceeds from a new note offering, according to a press release.

The company announced April 23 that it sold €650 million of new notes, consisting of €300 million senior notes due 2024 and €350 million senior notes due 2026.

Cash on hand will also be used to pay the premium, costs, fees and expenses incurred in connection with the offering and redemption.

FNAC Darty, formerly Groupe FNAC SA, is a France-based retailer of cultural, leisure and technological products for the general public in stores and online.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.