TP ICAP offers 104% of par for 5¼% notes due 2024 in tender offer

By Angela McDaniels

Tacoma, Wash., May 16 – TP ICAP plc began a tender offer for its £500 million 5¼% notes due 2024 and plans to issue new sterling-denominated fixed-rate notes due 2026, according to a filing with the London Stock Exchange.

The company expects to accept no more than £80 million principal amount of notes in the offer.

The purchase price is 104% of par plus accrued interest.

Notes purchased in the offer are expected to be canceled.

The offer will end at 11 a.m. ET on May 23. The results will be announced on May 24, and the settlement date will be May 30.

Holders must tender at least £100,000 principal amount of notes in order to participate.

If the offer is oversubscribed, the company will accept notes for purchase on a pro rata basis.

The tender offer is conditioned on the successful issuance of the new notes.

The company said holders who tender their 5¼% notes may receive priority in the allocation of the new notes. Any such allocation will also, among other factors, take into account the £100,000 minimum denomination of the new notes.

The dealer manager is Merrill Lynch International (+44 20 7996 5420 or DG.LM_EMEA@baml.com). The tender and information agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or tpicap@lucid-is.com).

TP ICAP is an interdealer broker based in London.

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