Danone accepts tenders for €500 million of hybrid bonds at 103.118

By Marisa Wong

Los Angeles, Sept. 15 – Danone accepted tenders of its existing hybrid bonds totaling €500 million at a 103.118 tender price, according to a Wednesday press release.

Danone offered to repurchase up to €500 million of its €1.25 billion 1.75% undated deeply subordinated fixed-rate resettable notes issued on Oct. 30, 2017 with a first call date on March 23, 2023 (ISIN: FR0013292828).

The tender offer began on Sept. 7 and expired on Sept. 14.

After settlement, €750 million of the bonds will remain outstanding.

Danone also announced on Wednesday that it priced €500 million of new 1% undated deeply subordinated fixed-rate resettable notes with a first call on Dec. 16, 2026 (expected: Baa3/BBB-).

Priority allocation of the new notes could be applied for holders of the existing hybrid bonds who expressed their intention to tender securities under the tender offer.

Completion of the refinancing tender offer was conditioned on pricing of the new notes.

Settlement of the tender offer and the new notes is expected to be on Sept. 16.

The food and beverage company is based in Paris.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.