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Sanoma begins one-week tender for 400 million of 5% notes due 2017
By Susanna Moon
Chicago, May 13 Sanoma Corp. said it is tendering for its 400 million of 5% notes due March 2017 until 11 a.m. ET on May 23.
The purchase price will be 1,041 for each 1,000 principal amount plus accrued interest, with settlement occurring between May 26 and May 30.
Sanoma plans to finance the offer with proceeds of new notes and will accept for purchase an amount of notes up to the amount of the new issue, but Sanoma reserves the right to take in more or less than that amount, according to a company announcement.
The purpose of the arrangement is to proactively manage upcoming debt redemptions and to extend the average debt maturity profile for the company, the release noted.
Nordea Bank Danmark A/S and OP Corporate Bank plc are the dealer managers. Lucid Issuer Services Ltd. (+44 207 704 0880 or sanoma@lucid-is.com) is the tender agent.
Sanoma is a diversified media group based in Helsinki, Finland.
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