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Enterprise Inns begins tender offer for up to £250 million of 6½% bonds
By Susanna Moon
Chicago, Sept. 22 – Enterprise Inns plc said it began a tender offer for up to £250 million of its outstanding £600 million 6½% secured bonds due 2018.
The cash purchase price will be 108.75% of par plus accrued interest.
The tender offer will run until 11 a.m. ET on Sept. 29.
Tender instructions must be submitted for a minimum nominal amount of at least £1,000 and may be submitted in integral multiples of £1,000 after that, subject to a minimum of £100,000 aggregate nominal amount of the bonds, according to a company press release.
The tender offer is conditioned on the company’s issue of new sterling-denominated fixed-rate secured bonds due 2023, subject to subscriptions for at least £200 million.
Pricing of the company’s new bond issue will be on Sept. 30, with settlement set for Oct. 7.
Deutsche Bank AG, London Branch (+44 20 7545 8011, attn: liability management group, email liability.management@db.com) and Royal Bank of Scotland plc (+44 20 7085 5991, attn: liability Management Group, email liabilitymanagement@rbs.com) are the dealer managers, with Deutsche Bank AG, London Branch (+44 20 7547 5000, fax +44 20 7547 5001, attn: trust and agency services, email xchange.offer@db.com) as the tender agent.
The offer for the 6½% bonds is being made as part of the company’s desire to proactively manage its liabilities and future debt redemption obligations and to extend its debt maturity profile, the company said.
Of the £600 million total issue amount, £250 million was issued on March 6, 2003 and another £350 million was issued on Oct. 28, 2003 and consolidated to form a single series with the original issue.
Enterprise Inns is a leased and tenanted pub company based in Solihull, West Midlands, in England.
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