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Boral gives final results in oversubscribed offer for 3.75% notes
By Mary-Katherine Stinson
Lexington, Ky., July 21 – Boral Finance Pty Ltd., a wholly owned subsidiary of Boral Ltd., announced the final results for its oversubscribed cash offer for up to $300 million of its $500 million outstanding 3.75% guaranteed senior notes due 2028 (Cusip: 09952AAC0, Q1700EAB8), according to a press release.
The offer expired at 11:59 p.m. ET on July 20.
Noteholders tendered a total of $425,655,000 of their notes by the expiration date.
Noteholders had already tendered $405,098,000 of their notes by the 5 p.m. ET July 6 early tender time with the remainder $20,557,000 being tendered after the early tender time.
However, none of the notes tendered after the early deadline were accepted for purchase.
Payment for any notes accepted was made on July 11. Holders whose notes were purchased in the tender offer also received accrued interest up to but excluding the settlement date.
As previously reported, Boral paid an early tender premium of $30 per $1,000 principal amount of notes to those noteholders tendering by the early deadline for an early tender consideration of $966.47 per note.
Because the offer was oversubscribed, Boral prorated the offer using a rate of approximately 74.07%.
Pricing was calculated on July 7 using the 2.625% U.S. Treasury due May 31, 2027 and a fixed spread of 140 basis points.
Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) was the 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/) was the depositary and information agent.
Boral is an integrated construction materials business based in North Ryde, Australia.
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