Newcrest tenders for 4.45% notes due 2021, some 4.2% notes due 2022

By Marisa Wong

Los Angeles, May 7 – Newcrest Finance Pty Ltd., a wholly owned subsidiary of Newcrest Mining Ltd., said it has begun tender offers to purchase for cash any and all of its $750 million outstanding 4.45% senior notes due 2021 (Cusip: 65120FAA2) and up to $400 million of its $750 million outstanding 4.2% senior notes due 2022 (Cusip: 65120FAC8).

Any-and-all offer

The any-and-all tender offer will expire at 5 p.m. ET on May 13. Tenders may be withdrawn at any time prior to that.

Holders who tender their notes by the expiration time will be eligible to receive the total consideration, which will be calculated using the 2% U.S. Treasury due Nov. 15, 2021 and a fixed spread of 50 basis points.

Pricing will be set at 2 p.m. ET on May 13, 2020.

In addition, Newcrest will pay accrued interest to but excluding the settlement date, which is expected to be May 14.

The settlement date for tenders under guaranteed delivery procedures is expected to be May 18.

Capped offer

The maximum tender offer will expire at 11:59 p.m. ET on June 4.

Holders who tender their notes at prior to 5 p.m. ET on May 20, the early tender time, will be eligible to receive the total consideration, which includes an early tender payment of $30 per $1,000 principal amount.

The total consideration will be calculated based on the 0.125% U.S. Treasury due April 30, 2022 and a fixed spread of 135 bps.

Pricing will be set at 10 a.m. ET on May 21.

Newcrest will also pay accrued interest to but excluding the settlement date, which is expected to be May 22 for early tendered notes and June 8 for any final tenders.

Tenders may be withdrawn at any time prior to the early tender time.

All notes tendered at or prior to the early tender time will have priority over notes tendered after the early deadline.

Both tender offers are subject to a financing condition.

BofA Securities, Inc. (980 387-3907 or 888 292‑0070), J.P. Morgan Securities LLC (866 834-4666 or 212 834-2045) and RBC Capital Markets (877 381-2099 or 212 618-7843) are dealer managers for the offers.

D.F. King & Co, Inc. (212 269-5550 for banks and brokers, 800 549-6864, newcrest@dfking.com, www.dfking.com/newcrest) is the tender and information agent.

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