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MAS CEE begins capped tender offer for 4¼% notes due 2026
By Marisa Wong
Los Angeles, Dec. 4 – MAS CEE Holdings Ltd. is inviting holders of its €300 million 4¼% guaranteed notes due May 19, 2026 (ISIN: XS2339025277), €293,395,000 of which is outstanding, to tender their notes for purchase for cash, according to a press release.
The notes were originally issued by MAS Securities BV and guaranteed by MAS plc (previously known as MAS Real Estate Inc.)
The company is proposing to accept for purchase up to a maximum principal amount such that the total purchase consideration for the notes tendered and accepted for purchase does not exceed €60 million. The company said it reserves the right to purchase more or less than the maximum acceptance amount and will determine the final acceptance amount at its discretion.
The purchase price will be determined through an unmodified Dutch auction procedure. The minimum purchase price is 87.
The company will also pay accrued interest.
The company will accept for purchase all notes tendered under non-competitive tender instructions – those that do not specify a purchase price or specify a purchase price at or below the minimum price – if it accepts for purchase any notes tendered under competitive tender instructions – those that specify a purchase price above the minimum price. If the company accepts a non-competitive tender instruction, the holder will receive the minimum purchase price.
Tenders may be subject to proration.
The offer expires at 11 a.m. ET on Dec. 8.
Results will be announced on Dec. 11.
Settlement is expected to occur on Dec. 13.
The purpose of the offer is, among other things, to proactively manage the group’s liability composition and debt maturity profile. Notes repurchased under the offer will be held by the group and will not be reissued or resold.
Deutsche Bank AG (+44 20 7545 8011) is acting as dealer manager for the offer, and Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: David Shilson; mas@is.kroll.com; https://deals.is.kroll.com/mas) is the tender agent.
The commercial property investor is based in Malta.
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