Roche sets 145.804 price in capped tender offer for 7% notes due 2039

By Angela McDaniels

Tacoma, Wash., Dec. 5 – Roche Holding Ltd. subsidiary Roche Holdings, Inc. determined the purchase price it will pay in the capped tender offer for its $1,268,987,000 of outstanding 7% notes due 2039, according to a company news release.

The maximum aggregate purchase price, exclusive of accrued interest, for the offer is $250 million.

The total consideration is $1,458.04 per $1,000 principal amount of notes. This includes an early tender premium of $50.00 per $1,000 principal amount of notes tendered by 5 p.m. ET on Dec. 5, the early tender date.

The company will pay accrued interest up to but excluding the applicable settlement date, which is expected to be Dec. 6 for notes tendered by the early tender date and Dec. 20 for notes tendered after that time but prior to the offer expiration.

The total consideration was determined at 2 p.m. ET on Dec. 5 by reference to a fixed spread of 83 basis points over the yield to maturity of the 2.25% U.S. Treasury due Aug. 15, 2046.

The offer began Nov. 21 and will end at 11:59 p.m. ET on Dec. 19.

If the tender offer is fully subscribed as of the early tender date, holders who tender notes following the early tender date will not have any of their notes accepted for purchase.

The dealer manager is J.P. Morgan Securities LLC (866 834-4666, 212 834-3424 or +44 207 779 2468). The information agent and tender agent is D.F. King & Co., Inc. (866 356-7814, 212 269-5550 or roche@dfking.com).

Roche is a Basel, Switzerland-based drug maker.

© 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.