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Nyrstar to launch tender offer for all 2015 bonds, some 2016 bonds
By Marisa Wong
Madison, Wis., Sept. 2 – Nyrstar NV announced that Nyrstar Netherlands (Holdings) BV plans to launch a tender offer to repurchase any and all of its €220 million outstanding 2015 retails bonds and up to €100 million of its outstanding 2016 retail bonds.
Currently, €220 million of the 2015 bonds and €515 million of the 2016 bonds are outstanding.
The aim is to launch the public tender offer in the near future, after the company closes its offering of new notes, according to a press release.
The company plans to tender for the 2015 bonds at a price between 101.75 and 102.25 and for the 2016 bonds at a price between 102.5 and 103.5. The exact prices will be set at the start of the offer.
The company will also pay accrued interest for the tendered bonds.
Goldman Sachs International and KBC Bank will act as joint dealer managers. Goldman Sachs International will also act as global coordinator and structurer, and KBC Bank will also act as centralizing and tender agent.
Nyrstar said it intends to maintain cash available to repay any 2015 bonds remaining after the tender offer in full at maturity.
The tender offer will be funded with proceeds from a rights offering and new notes offering. The company plans to sell about €250 million of shares and €350 million of senior notes due 2019, respectively.
The new notes are expected to price on Friday.
The mining and metals business is based in Balen, Belgium.
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