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Daily Mail begins tender offer for up to £40 million of 6 3/8% bonds
By Marisa Wong
Los Angeles, Oct. 25 – Daily Mail and General Trust plc announced an invitation to holders of its outstanding £200 million 6 3/8% bonds due 2027 (ISIN: XS0306155499) to tender their bonds for purchase for cash, according to a press release.
The issuer is offering to purchase up to £40 million of the bonds.
The purchase price will be determined under a modified Dutch auction procedure.
The benchmark security is the 1¼% U.K. Treasury gilt due July 22, 2027, and the maximum purchase spread is 575 basis points.
The company will also pay accrued interest for bonds accepted for purchase.
Pricing will be determined at or around 6 a.m. ET on Nov. 1.
The offer expires at 11 a.m. ET on Oct. 31. Settlement is slated for Nov. 3.
Tenders may not be withdrawn.
The issuer said it reserves the right to accept significantly more or significantly less than the maximum acceptance amount.
If the tender cap is exceeded, bonds may be accepted for purchase on a pro rata basis.
NatWest Markets plc (+44 20 7678 5222; attn.: liability management; liabilitymanagement@natwestmarkets.com) is the dealer manager for the offer.
Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: David Shilson; dmgt@is.kroll.com; https://deals.is.kroll.com/dmgt) is the tender agent.
The London-based media company said the purpose of the offer is for it to proactively manage its balance sheet and offer a liquidity event to holders.
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