Forvia begins tender offers for 2025 notes, 2026 sustainability notes

By Marisa Wong

Los Angeles, Feb. 28 – Forvia SE announced tender offers to purchase for cash its €1 billion 2 5/8% senior notes due 2025 (ISIN: XS1785467751) and its €950 million 7¼% sustainability-linked senior notes due 2026 (ISIN: XS2553825949), up to a total maximum acceptance amount.

Currently, all €1 billion of the 2025 notes and €799,921,000 of the 2026 notes are outstanding.

The company is offering to purchase the 2025 notes at 99 and the 2026 notes at 105.75.

The company will also pay accrued interest.

The 2025 notes have priority in acceptance over the 2026 notes.

Tenders may be subject to proration.

Subject to the order of acceptance priority and to the 2026 notes tender sub-cap of €150 million, the total nominal amount of notes purchased under the tender offers will not exceed an aggregate amount equal to the difference between (a) the aggregate nominal amount of new notes to be issued under a concurrent offering and (b) €250 million.

The company announced on Wednesday that it plans to issue €800 million of new fixed-rate senior notes.

Holders who participate in the tender offers and wish to subscribe for the new notes may be given priority in the allocation of the new notes.

Each tender offer is conditioned on the successful completion of the new issue.

The tender offers will expire at 11 a.m. ET on March 6.

The company plans to announce the final acceptance amount and any proration on March 7.

Settlement is expected to occur on March 11.

The structuring agents and dealer managers are BofA Securities Europe SA (+33 1 87 70 10 57; DG.LM-EMEA@bofa.com) and Banco Santander, SA (Liability.management@gruposantander.com).

Credit Agricole CIB (+44 20 7214 5903; liability.management@ca-cib.com) and MUFG Securities (Europe) NV (liability.management@mufgsecurities.com) are also dealer managers.

The information and tender agent is D.F. King Ltd. (+44 20 7920 9700; Forvia@dfkingltd.com; https://www.dfkingltd.com/Forvia).

White & Case LLP is legal adviser to the company, and Latham & Watkins AARPI is legal adviser to the dealer managers.

Formerly Faurecia SE, Forvia is a Nanterre, France-based automotive technology supplier.

© 2015 Prospect News.
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