ITV announces results of tender for €1.1 billion notes due 2022, 2023

By Wendy Van Sickle

Columbus, Ohio, Sept. 23 – ITV plc announced the final results of its cash tender offers for its €600 million 2.125% notes due Sept. 21, 2022 and €500 million 2% notes due Dec. 1, 2023, according to a filing with the London Stock Exchange.

The offers were announced on Sept. 12 and expired at 11 a.m. ET on Sept. 20.

ITV accepted and received tenders of €265,261,000 of the 2022 notes and €241,121,000 of the 2023 notes.

The purchase price will be 105.208 for the 2022 notes, based on a spread of 65 basis points over a reference benchmark, and 106.144 for the 2023 notes, based on a spread of 85 bps over a reference benchmark.

Pricing was set at 9 a.m. on Sept. 23.

Holders will also receive accrued interest to but excluding the settlement date, which is expected to be Sept. 27.

Following settlement of the offers, €334,739,000 of the 2022 notes and €258,879,000 of the 2023 notes will remain outstanding.

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

Citibank, NA, London Branch (+44 20 7508 3867 or citiexchanges@citi.com) is the tender agent.

ITV is a London-based media company.

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