Synthomer gives results of capped tender offer for 3 7/8% notes due 2025

By Mary-Katherine Stinson

Lexington, Ky., April 17 – Synthomer plc gave the results of its cash tender offer for up to €370 million aggregate principal amount of its €520 million outstanding 3 7/8% senior notes due July 1, 2025 (ISIN: XS2194288390), according to a news release.

As of the expiration of the offer at 11 a.m. ET on April 16, €412,403,000 in aggregate principal amount of the notes were validly tendered with €370 million in total principal accepted for repurchase.

As the tendered notes exceeded the maximum acceptance amount, the issuer intends to accept all notes validly tendered under a tender and priority acceptance instruction and an amount of non-priority tendered notes subject to a scaling factor of 82.8342%.

The company will purchase the notes at a purchase price of €1,000 per €1,000 principal amount, plus accrued interest.

The offer only covered the Regulation S notes of the series. The company will not accept any tenders of Rule 144A notes.

Settlement is slated for April 19.

The tender offer was subject to a financing condition. The company said it was conducting the tender offer as part of a refinancing transaction in connection with its expected issuance of €350 million of senior notes on or prior to the settlement of the tender offer. Proceeds from the new notes, together with cash, will be used to fund the tender offer.

The company priced the new 7 3/8% notes on April 11 at par.

Holders of the existing notes who participated in the tender offer and wished to subscribe for the new notes may have been given priority in the allocation of the new notes.

Citigroup Global Markets Ltd. (+44 20 7986 8969; liabilitymanagement.europe@citi.com), Goldman Sachs Bank Europe SE (+44 20 7774 4836; liabilitymanagement.eu@gs.com) and HSBC Bank plc (+44 20 7992 6237; LM_EMEA@hsbc.com) are dealer managers for the tender offer.

Citibank, NA, London Branch (+44 20 7508 3867; Citiexchanges@citi.com) is the tender agent.

Following the offer, €150 million in aggregate principal amount of the notes will remain outstanding.

Synthomer is an Essex, U.K.-based chemicals company.

© 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.