Bracken gets tenders for £90.46 million PIK notes, calls rest at 104

By Susanna Moon

Chicago, Sept. 27 – Bracken Midco1 plc said investors had tendered £90,455,915 of its £220 million of outstanding 10½% /11¼% senior pay-in-kind toggle notes due 2021.

The tender offer ended at 5 p.m. ET on Sept. 26, with settlement set for Sept. 28.

The remaining notes will be redeemed on Nov. 15 at a price of 104% of par plus accrued interest up to but excluding the redemption date, according to a notice.

As announced Sept. 14, the company was offering to purchase the notes at a purchase price of £1.0465 per £1 principal amount.

Holders will also receive accrued interest to but excluding the settlement date.

The tender offer contained a financing condition.

The dealer managers are Credit Suisse Securities (Europe) Ltd. (+44 20 7883 8763 or liability.management@credit-suisse.com) and Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com).

The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880, bracken@lucid-is.com or https://portal.lucid-is.com).

Bracken is a special purpose entity formed for the purpose of issuing debt securities and is based in Cheshire, England.

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