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Iceland Bondco offers par cash purchase price for notes due 2025
Chicago, July 24 – Iceland BondCo plc started a capped offer to purchase for cash its £550 million outstanding 4 5/8% senior secured notes due 2025 (ISIN: XS1681806326), according to an offer document.
The company is offering par, plus unpaid interest to the settlement date.
The offer will have a maximum acceptance amount, which is likely to be the amount of the aggregate principal amount from an offering of new notes plus £25 million.
The Rule 144A and Regulation S offer is subject to a financing condition, namely the successful sale of the new notes. Iceland is offering sterling-denominated senior secured fixed-rate notes due 2027 and euro-denominated senior secured floating-rate notes due 2027.
Tendering noteholders may receive priority allocation in the new notes offering.
Tenders may be prorated.
The offer expires at 11 a.m. ET on July 31.
Settlement is anticipated for Aug. 9.
Kroll Issuer Services Ltd. is the tender agent (+44 20 7704 0880, iceland@is.kroll.com, https://deals.is.kroll.com/iceland).
The dealer managers are HSBC Bank plc (+44 20 7992 6237, LM_EMEA@hsbc.com) and J.P. Morgan Securities plc (+44 20 7134 4353, liability_management_EMEA@jpmorgan.com).
Iceland, a multi-channel food retailer specializing in frozen food, maintains headquarters in Deeside, U.K.
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