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Glencore begins one-month tender for $1 billion of four note series
By Susanna Moon
Chicago, Dec. 1 – Glencore Funding LLC began a tender offer for up to $1 billion of four series of notes.
The notes covered by the offer are listed in order of priority acceptance levels with pricing for each $1,000 principal amount:
• $878,188,000 of 2.5% notes due 2019 with pricing to be set using the 1% U.S. Treasury notes due Nov. 15, 2019 plus 90 basis points;
• $593.1 million of 3.125% notes due 2019 with pricing based on the 1% U.S. Treasury notes due Nov. 15, 2019 plus 95 bps;
• $500 million of floating-rate notes due 2019 with pricing at $1,010; and
• $1 billion of 2.875% notes due 2020 with pricing based on the 1.75% U.S. Treasury notes due Nov. 30, 2021 plus 75 bps.
The total purchase price includes an early tender premium of $30.00 for each $1,000 principal amount of notes tendered by the early tender deadline of 5 p.m. ET on Dec. 4.
Holders who tender their notes after the early deadline will receive the base purchase price, which is the total amount less the early premium.
Pricing will be set at 11 a.m. ET on Dec. 15 using the bid-side prices of the reference U.S. Treasury security.
The tender offer will end at 11:59 p.m. ET on Dec. 29.
The company also will pay accrued interest.
Notes that are tendered before the early deadline will have priority over notes tendered afterward, regardless of priority level, according to an announcement by Glencore plc.
D.F. King & Co., Inc. (212 269-5550, 866 342-4884, +44 20 7920 9700, glen@dfking.com or dfking.com/glencore) is the information and tender agent. Morgan Stanley & Co. LLC (800 624-1808, 212 761-1057, +44 20 7677 5040, liabilitymanagementeurope@morganstanley.com) and UBS Securities LLC are the lead dealer managers. BBVA Securities Inc. and HSBC Securities (USA) Inc. are the co-dealer managers.
Contact UBS Investment Bank at 203 719-4210, 888 719-4210, +44 20 7568 2133 or ol-liabilitymanagement-eu@ubs.com.
Glencore is a supplier of commodities and raw materials to industrial consumers. It is based in Baar, Switzerland.
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