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Travis Perkins gives final results for tender offer for 4½% notes
Chicago, April 13 – Travis Perkins plc has announced that the company will stay with its previously announced cap and accept £120 million principal amount of notes from its tender offer for its £300 million outstanding 4½% guaranteed notes due 2023 (ISIN: XS1407695680), according to a notice.
The company will apply a pro rata scaling factor of 85.9065% to the £144,589,000 tendered notes.
Pricing took place at 6 a.m. ET on April 13. The notes will be purchased at 102.083 using a 1.509% benchmark security rate for the 2.25% U.K. Treasury due Sept. 7, 2023 and a purchase spread of 145 basis points for a 2.9804% purchase yield.
The company conducted the offer to proactively manage its debt profile and provide liquidity for investors in the notes.
Tender instructions were due by 11 a.m. ET on April 12.
Settlement is planned for April 14.
MUFG Securities EMEA plc (+44 20 7577 2766, liability.management@mufgsecurities.com) and NatWest Markets plc (+44 20 7678 5222, NWMLiabilityManagement@natwestmarkets.com) are the dealer managers.
Kroll Issuer Services Ltd. is the tender agent (+44 20 7704 0880, travisperkins@is.kroll.com).
Travis Perkins is a Northampton, U.K.-based building products supplier.
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