MAS CEE gives results of capped tender offer for 4Ό% notes due 2026

By Mary-Katherine Stinson

Lexington, Ky., Dec. 11 – MAS CEE Holdings Ltd. gave the results of its cash tender offer for its €300 million 4Ό% guaranteed notes due May 19, 2026 (ISIN: XS2339025277), €293,395,000 of which was outstanding at the outset of the offer on Dec. 4, according to a notice.

The notes were originally issued by MAS Securities BV and guaranteed by MAS plc (previously known as MAS Real Estate Inc.)

The company announced that it will accept for purchase €80,655,000 in aggregate principal amount of the notes tendered in the offer. The total purchase consideration, including accrued interest, for the tendered notes accepted for purchase will be €75,134,998.25.

As previously reported, the company originally proposed 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 purchase price was to be determined through an unmodified Dutch auction procedure. The minimum purchase price was 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.

The offer expired at 11 a.m. ET on Dec. 8.

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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