Pearson takes in tenders for €55.44 million of 1.875% notes due 2021

By Sarah Lizee

Olympia, Wash., March 13 – Pearson plc subsidiary Pearson Funding Five plc accepted tenders for €55,443,000 of its €250 million 1.875% notes due 2021, according to a notice.

The tender offer ended at 11 a.m. ET on March 12.

As previously reported, pricing was set using a purchase yield of 0% for a purchase price of 104.084% of par.

Holders also will receive accrued interest.

After settlement on March 15, the outstanding amount of the notes will be €194,557,000.

Pearson said the offer is “consistent with the group’s twin strategy of (i) extending its debt maturities where appropriate; and (ii) optimising the balance between term bond debt and revolving bank debt, given that the latter is more flexible and can be varied according to the seasonality of the business.”

BNP Paribas (+44 20 7595 8668 or liability.management@bnpparibas.com) is the dealer manager. Lucid Issuer Services Ltd. (+44 20 7704 0880 or pearson@lucid-is.com) is the tender agent.

Pearson is a publishing and education company based in London.

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