Jaguar to pay £1,115.75 in tender offer for 8¼% senior notes due 2020

New York, March 5 – Jaguar Land Rover Automotive plc will pay £1,115.75 per £1,000 principal amount in its cash tender offer and consent solicitation for its £500 million of 8¼% senior notes due 2020.

The pricing was set at 5 a.m. ET on Thursday using the bid-side yield to maturity of the 2% U.K. Treasury gilt due Jan. 22, 2016 plus 50 basis points, according to a company announcement.

Included in the total amount is an early tender premium of £30 for each £1,000 principal amount of notes tendered by noon ET on March 5, the early tender date. Holders who tender after that deadline but before the expiration of noon ET on March 19 will receive £1,085.75 per £1,000 principal amount.

Notes tendered by the early deadline will be settled on March 6. Subsequent tenders will be settled on March 20.

Jaguar Land Rover Automotive, the parent company of the Jaguar Land Rover group of companies and a subsidiary of Tata Motors Ltd., announced the tender on Feb. 19.

The company said it is also soliciting consents to amend the notes indenture.

Holders who tender their notes will also be deemed to have delivered consents. Holders cannot tender their notes without also delivering their consents or vice versa.

The offer is conditioned upon the company receiving consents from holders of at least a majority of the outstanding notes.

Deutsche Bank AG, London Branch (+44 20 7547-5000 or xchange.offer@db.com) is the tender agent. Deutsche Bank (+44 20 7545 8011, liability.management@db.com) is the dealer manager and solicitation agent.

The automobile manufacturer is based in Graydon, England.

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