TJX announces pricing on tender offers for three series of notes

By Cady Vishniac

Detroit, Dec. 3 – TJX Cos., Inc. has announced pricing for its tender offer for up to $750 million of notes from three series, according to a press release.

As previously reported, the company received tenders for $1,500,738,000 of notes as of the 5 p.m. ET Dec. 2 early tender deadline and has amended the offers to increase the maximum tender amount to $1,118,651,000.

TJX expects to accept the following notes from the following series at the prices listed:

• $364,501,000 tendered of the $750 million outstanding 4.5% senior notes due 2050 (Cusip: 872540AU3) for $1,402.02 per $1,000 principal amount tendered, with pricing based on the 1.375% Treasury note due Aug. 15, 2050 plus 85 basis points; and

• $754,150,000 tendered of the $1.25 billion outstanding 3.875% senior notes due 2030 (Cusip: 872540AT6) for $1,198.97 per $1,000 principal amount tendered, with pricing based on the 0.875% Treasury note due Nov. 15, 2030 plus 60 bps;

• None of the $382,087,000 tendered of the $750 million outstanding 3.75% senior notes due 2027 (Cusip: 872540AS8), which were set to price at 0.25% Treasury note due Oct. 31, 2025 plus 50 bps, or $1,171.35 per $1,000 principal amount tendered.

These prices reflect the total consideration, including a $30 early tender premium per $1,000 of notes. Interest is also being paid.

The prices were determined at 10 a.m. ET on Dec. 3.

The early settlement date is expected to be Dec. 4.

The offers will expire at 11:59 p.m. ET on Dec. 16. However, TJX does not expect to accept for purchase any notes tendered after the early tender deadline.

The final settlement date was expected to be Dec. 18.

BofA Securities, Inc. (980 387-3907), Deutsche Bank Securities Inc. (212 250-2955, 866 627-0391) and J.P. Morgan (212 834-3424, 866 834-4666) are dealer managers.

Global Bondholder Services Corp. (866 924-2200, 212 430-3774; contact@gbsc-usa.com) is the information agent and tender agent.

The retailer of off-price apparel and home fashions is based in Framingham, Mass.

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