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Co-operative Group gets tenders for £273.83 million of 2020 notes
By Marisa Wong
Morgantown, W.Va., May 15 – Co-operative Group Ltd. said it received tenders for £273,831,000 of notes as of noon ET on May 14, the expiration of its previously announced tender offer for up to £300 million of its £450 million 5 5/8% notes due 2020.
Co-operative will accept for purchase in cash all of the tendered notes with no pro rata scaling, according to a notice.
As announced on May 7, the purchase price is 106% of par.
Holders will also receive accrued interest of £5,895.55 per £100,000 principal amount. The notes currently pay interest at the step-up rate of 6 7/8%.
Settlement is expected on May 17.
The tender offer is conditioned on Co-operative pricing new sterling-denominated fixed-rate notes. However, this condition may be waived. On May 9, the company launched an upsized offering of £300 million of five-year senior sustainability bullet notes to yield 5 1/8%.
Barclays Bank plc (+44 20 3134 8515; eu.lm@barclays.com), ING Bank NV, London Branch (+ 44 20 7767 6784; liability.management@ing.com) and Lloyds Bank Corporate Markets plc (+44 20 7158 1719 / 1726; liability.management@lloydsbanking.com) are joint lead managers for the tender offer.
Lucid Issuer Services Ltd. (+44 20 7704 0880; attention: Thomas Choquet; co-op@lucid-is.com) is the tender agent.
The Manchester, U.K.-based retail company launched the tender offer to provide liquidity to noteholders and proactively manage its balance sheet.
Co-operative Group’s retail businesses include food retail and wholesale, electrical retail, financial services, insurance services, legal services and funeral care.
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