Grenke accepts tenders for two 2024 notes totaling €180.33 million

By William Gullotti

Buffalo, N.Y., Sept. 27 – Grenke Finance plc gave the results of its €450 million capped tender offer for two euro notes with maturity dates in 2024, according to a notice on Wednesday.

As previously reported, the notes covered in the tender offer are the €300 million outstanding 1.625% notes due in April 2024 (ISIN: XS1956014531) and the €150 million outstanding 4.125% notes due in October 2024 (ISIN: XS2469031749).

The repurchase price for the notes due in April 2024 is 98.7, and the price for the notes due in October 2024 is 99.375.

Grenke accepted for purchase €115,859,000 of the April 2024-maturing notes and €64,468,000 of the notes maturing in October 2024 for an aggregate total of €180,327,000. No proration or scaling was required.

Following settlement, €184,141,000 will remain outstanding for the series maturing in April 2024, and €85,532,000 will remain outstanding for the series due in October 2024.

Settlement remains planned for Sept. 29.

Deutsche Bank AG (+44 20 7545 8011), HSBC Continental Europe (+44 20 7992 6237, LM_EMEA@hsbc.com) and Goldman Sachs Bank Europe SE (+44 20 7774 4836, liabilitymanagement.eu@gs.com) are the dealer managers.

Kroll Issuer Services Ltd. (+44 20 7704 0880, grenke@is.kroll.com, https://deals.is.kroll.com/grenke) is the tender agent.

Grenke AG is a leasing company specializing in office communication products based in Baden-Baden, Germany. The company also has a banking license.

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