Abu Dhabi’s Mubadala wraps one-week tender for 3¼% and 5½% notes

By Susanna Moon

Chicago, Oct. 31 – Mubadala Development Co. PJSC’s MDC - GMTN BV plans to accept tenders for $371,637,000 of its $750 million of 3¼% notes due 2022.

Meanwhile, BNP Paribas will accept $393,385,000 of MDC’s $750 million 5½% notes due 2021 guaranteed by Mubadala.

The tender offers ended at 11 a.m. ET on Oct. 30.

As announced Oct. 23, MDC - GMTN BV is tendering for its 3¼% notes at a purchase price of 99.25 and BNP Paribas is offering to purchase MDC’s 5½% notes at a price of 105.25, along with accrued interest for each series.

The companies expect to accept the tendered notes with no pro rata scaling, if the financing condition is met, according to the update on Wednesday.

The purchase amount in the offer was to be equal to the proceeds of a new issue of notes by MDC – GMTN and guaranteed by Mubadala, with pricing to be Oct. 31, according to a previous announcement.

After the merger with International Petroleum Investment Co. PJSC and as part of the company's overall debt strategy, Mubadala aims “to proactively manage the maturity profile of its existing debt by extending this maturity profile through the issuance of the new notes and the repurchase of the 2021 notes and the 2022 notes,” the previous release said.

BNP Paribas plans to exchange any 2021 notes purchased under the offer for new notes. The issuer plans to cancel any 2022 notes purchased in the offer and any 2021 notes received from BNP Paribas in exchange for new notes, the previous release noted.

Settlement is expected to occur on Nov. 1 for the 2021 notes and on Nov. 7 for the 2022 notes.

BNP Paribas (+44 20 7595 8668 or liability.management@bnpparibas.com) and Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com) are the global coordinators. BNP Paribas (+44 20 7595 8668 or liability.management@bnpparibas.com), Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com), First Abu Dhabi Bank PJSC (+971 2 611 1693 or DCM&FIS@bankfab.com), Natixis (+33 1 58 55 08 14 or liability.management-corp@natixis.com) and Standard Chartered Bank (+44 20 7885 5739/+971 4508 4412/+65 6596 8807 or liability_management@sc.com) are the dealer managers.

Lucid Issuer Services Ltd. (+44 20 7704 0880 or mdc@lucid-is.com) is the tender agent.

Mubadala is an Abu Dhabi-owned holding company.

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