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TP ICAP begins any-and-all tender offer for 5.25% notes due 2024
By Marisa Wong
Los Angeles, April 3 – TP ICAP Finance plc announced a cash tender offer for any and all of its outstanding 5.25% notes due 2024 (ISIN: XS1555815494), according to a press release.
Currently, £246,887,000 of the original £500 million principal amount is outstanding.
The issuer is offering to purchase the notes at par plus accrued interest.
The offer expires at 11 a.m. ET on April 12.
Results will be announced on April 13.
Settlement is slated for April 17.
The tender offer is subject to a new financing condition.
The company plans to use proceeds from an issuance of new sterling-denominated fixed-rate notes due 2030 guaranteed by TP ICAP Group plc to finance the tender offer. Holders of the existing notes who participate in the tender offer and wish to subscribe for the new notes may be given priority in allocation of the new notes.
The tender offer is being made, in conjunction with the issuance of new notes, to proactively manage the company’s debt profile, according to the release.
The dealer managers for the tender offer are HSBC Bank plc (+44 20 7992 6237; LM_EMEA@hsbc.com) and Merrill Lynch International (+44 20 7996 5420; DG.LM-EMEA@bofa.com).
Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Harry Ringrose; tpicap@is.kroll.com; https://deals.is.kroll.com/tpicap) is the tender agent.
TP ICAP is a financial services firm based in London.
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