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Telia begins any-and-all tender offers for 2024 notes, capped offers for 2025, 2027 notes
By Mary-Katherine Stinson
Lexington, Ky., March 4 – Telia Co. AB has begun a cash tender offer for four series of notes, according to a notice.
The company launched the any-and-all offers for its outstanding SEK 600 million 3.995% notes due Nov. 7, 2024 (ISIN: XS2553184461) and SEK 2.4 billion floating-rate notes due November 2024 (ISIN: XS2553183810), of which SEK 1.632 billion principal amount is outstanding.
Additionally, the offers cover up to €500 million principal of its €650 million 3.875% notes due Oct. 1, 2025 (ISIN: XS0545428285) and €500 million 3% notes due Sept. 7, 2027 (ISIN: XS0826189028).
Telia will purchase the 2024 floaters at 100.47 and the 2024 notes at par.
The company is offering to purchase both the 2025 and 2027 notes at the interpolated mid-swap rate minus 20 basis points in the case of the 2025 notes and plus 5 bps in the case of the 2027 notes.
The notes under the capped part of the offer are subject to proration.
Electronic instruction notices are irrevocable except in limited circumstances.
The tender offer expires at 11 a.m. ET on March 11.
The non-binding results will be announced at or around 5 a.m. ET on March 12, with pricing around 8 a.m. ET on that day.
Settlement is expected to be on March 13.
The offer is intended to proactively optimize the company’s liability structure and manage upcoming debt redemptions, according to the notice.
Credit Agricole CIB (+44 20 7214 5903, liability.management@ca-cib.com) and Nordea Bank Abp (+45 61612996, nordealiabilitymanagement@nordea.com) are the dealer managers.
Kroll Issuer Services Ltd. (+44 20 7704 0880, attn.: David Shilson, telia@is.kroll.com, https://deals.is.kroll.com/telia) is the tender agent.
Telia is a Stockholm-based company that provides network access and telecommunication services.
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