K+S grants revocation rights to 3¼% noteholders in tender offer

Chicago, Nov. 28 – K+S AG amended its ongoing tender offer for its €600 million 3¼% notes due July 18, 2024 (ISIN: XS1854830889) to grant noteholders revocation rights on their tenders, according to an announcement on Friday.

The offer to noteholders to withdraw their tenders is related to notice the company received from S&P Global Ratings that it planned to improve the long-term credit rating of the company to BB+ from BB.

The company considered the announcement materially prejudicial to noteholders who already submitted tender instructions.

Noteholders may revoke their tender instructions until 10 a.m. ET on Nov. 29.

The other terms and conditions of the offer are unchanged.

As previously reported, there are €400 million of the notes outstanding and the company has offered to buy up to a maximum acceptance amount €200 million.

The purchase price is par plus interest.

Tenders may be prorated.

The expiration time is still 10 a.m. ET on Nov. 29.

Settlement is expected to be on Dec. 1.

HSBC Continental Europe (+44 20 7992 6237; LM_EMEA@hsbc.com) and ING Bank NV (+44 20 7767 6784; liability.management@ing.com) are the dealer managers.

Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Jacek Kusion; kpluss@is.kroll.com; https://deals.is.kroll.com/kpluss) is the tender agent.

K+S is a chemical company based in Kassel, Germany.

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