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Jaguar receives tenders for 88.31% of 8¼% senior notes due 2020
New York, March 20 – Jaguar Land Rover Automotive plc said that holders tendered and delivered consents for £441,548,000, or 88.31%, of its £500 million of 8¼% senior notes due 2020.
Of the total, £440,593,000 were submitted before the early tender date of noon ET on March 5, according to a company announcement.
All valid tenders were accepted and the company has executed a supplemental indenture amending the notes that became effective on March 5.
Following completion of the offer, the company will have £58,542,000 of the notes still outstanding.
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.
It set pricing on March 5 at £1,115.75 per £1,000 principal amount using the bid-side yield to maturity of the 2% U.K. Treasury gilt due Jan. 22, 2016 plus 50 basis points.
Included in the total amount is an early tender premium of £30 for each £1,000 principal amount of notes tendered by the early tender date. Holders who tender after that deadline but before the expiration of 1 p.m. ET on March 19 will receive £1,085.75 per £1,000 principal amount.
In addition to the tender, the company was 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 was 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.
© 2015 Prospect News.
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