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Roche begins tender offer for up to $1 billion of three note series
By Susanna Moon
Chicago, Sept. 9 – Roche Holdings, Inc. said it began a cash tender offer for up to $1 billion of three series of notes.
The company is tendering for $1,606,000,000 of 7% notes due 2039 and $2 billion of 6% notes due 2019 issued by Roche and guaranteed by Roche Holding Ltd. and $350 million of 5.25% senior notes due 2035 issued by Roche subsidiary Genentech, Inc.
Pricing will be set at 2 p.m. ET on Sept. 23 using a reference security plus a fixed spread as follows, with the notes listed in order of priority acceptance level:
• 7% notes due 2039 using the 3% U.S. Treasury notes due May 15, 2045 plus 105 basis points;
• 6% notes due 2019 using the 1.375% U.S. Treasury notes due Aug. 31, 2020 plus 30 bps; and
• 5.25% senior notes due 2035 using the 3% U.S. Treasury notes due May 15, 2045 plus 95 bps.
The total hypothetical purchase price for each $1,000 will be $1,448.02 for the 7% notes, $1,138.53 for the 6% notes and $1,180.75 for the 5.25% notes, with pricing set at 2 p.m. ET on Sept. 8 using an early settlement date of Sept. 24.
The total payout will include a $50.00 early tender premium per $1,000 of notes tendered by 5 p.m. ET on Sept. 22, the early tender date.
The tender offer will end at 11:59 p.m. ET on Oct. 6. Tendered notes may be withdrawn by 5 p.m. ET on Sept. 22.
The company also will pay accrued interest up to but excluding the settlement date of Sept. 24 for early tendered notes and Oct. 8 for remaining tenders.
Citigroup Global Markets Inc. (800 558-3745, 212 723-6106 or +44 20 7986 8969) is the dealer manager. Global Bondholder Services Corp. (866 470-4300, 212 430-3774 or info@gbsc-usa.com) is the depositary and information agent.
Roche is a Basel, Switzerland-based drug maker.
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