Boral launches tender offer for up to $300 million 3.75% notes due 2028

By Marisa Wong

Los Angeles, June 22 – Boral Finance Pty Ltd., a wholly owned subsidiary of Boral Ltd., has begun a tender offer to purchase for cash up to $300 million of its $500 million outstanding 3.75% guaranteed senior notes due 2028 (Cusip: 09952AAC0, Q1700EAB8), according to a press release.

Pricing will be based on the 2.625% U.S. Treasury due May 31, 2027 and a fixed spread of 140 basis points. Pricing will calculated at 10 a.m. ET on July 7.

Boral is offering an early tender premium of $30 per $1,000 principal amount of notes tendered by 5 p.m. ET on July 6, the early tender time. Holders tendering after the early tender time will not be eligible to receive the early tender premium.

The issuer noted that if the early tender consideration is determined to be greater than $1,000 per $1,000 principal amount, then the early tender consideration will be calculated based on an assumed maturity date of Feb. 1, 2028, the par call date for the notes, and not May 1, 2028, the stated maturity date for the notes.

In addition to the early tender consideration or the late tender consideration, holders whose notes are purchased in the tender offer will receive accrued interest up to but excluding the applicable settlement date.

The tender offer will expire at 11:59 p.m. ET on July 20.

Early settlement is expected to occur on July 11. The final settlement date is expected to be July 22.

If the amount of notes tendered exceeds the offer cap, the amount of notes purchased in the offer will be prorated.

Tenders may withdrawn at any time prior to 5 p.m. ET on July 6.

The company said it reserves the right to waive any and all conditions to the tender offer, extend or terminate the tender offer, increase or decrease the maximum tender amount or otherwise amend the tender offer in any way.

Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) is dealer manager for the tender offer.

Global Bondholder Services Corp. (212 430-3774 for banks and brokers only, 855 654‑2015 or 212 430-3774; contact@gbsc-usa.com; www.gbsc-usa.com/boral/) is the depositary and information agent.

Boral is an integrated construction materials business based in North Ryde, Australia.

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