Banque PSA Finance completes tender offer for four series of notes

By Jennifer Chiou

New York, March 19 – Banque PSA Finance announced the close of the tender offer for four series of its notes at 10 a.m. ET on March 18.

According to a company notice, the company accepted tenders €305,823,000 of its €650 million of outstanding 4% notes due June 2015. It will pay 101.019% of par plus accrued interest of 2.98082%. The tender consideration is €103,999.82 per €100,000 nominal amount.

Banque PSA said it accepted tenders for €343,884,000 of its €600 million of outstanding 4.875% notes due September 2015. It will pay 102.484% of par plus accrued interest of 2.39075%. The tender consideration is €1,048.75 per €1,000 nominal amount.

The issuer also accepted tenders for €942.91 million of its €1.2 billion of outstanding 0.625% notes due April 2016. It will pay 101.014% of par plus accrued interest of 0.5976%. The tender consideration is €1,016.12 per €1,000 nominal amount.

Pricing was set using the DBR 3.5% notes due Jan. 4, 2016 minus 10 basis points. The benchmark reference yield for these notes was negative 0.243%.

The issuer also accepted tenders for €260 million of its €300 million of outstanding 0.375% notes due July 2017. It will pay 101.597% of par plus accrued interest of 0.27021%. The tender consideration is €101,867.21 per €100,000 nominal amount.

Pricing was set using the DBR 4.25% notes due July 4, 2017 minus 10 bps. The benchmark reference yield for these notes was negative 0.222%.

Settlement will take place on March 23.

The joint dealer managers were BNP Paribas (attn: liability management group, 44 207 595 8668, liability.management@bnpparibas.com), HSBC Bank plc (attn: liability management, 44 207 992 6237, liability.management@hsbcib.com) and Societe Generale (attn: liability management group, 33 1 42 13 32 40, liability.management@sgcib.com).

The co-lead dealer managers were Industrial & Commercial Bank of China (Europe) (attn: Mihai Joca, 33 0 1 40 06 58 61, mihai.joca@fr.icbc.com.cn), Lloyds Bank plc (attn: liability management group, 44 20 7158 2720, fax: 44 20 7158 3252 or liability.management@Lloydsbanking.com).

The tender agent was BNP Paribas Securities Services, Luxembourg Branch (attn: corporate trust services, 352 26 96 2782, fax: 352 29 96 9758 or LU_BP2S_OFFER@bnpparibas.com). The information agent was BNP Paribas Securities Services, Luxembourg Branch (352 26 96 2782, LU_BP2S_OFFER@bnpparibas.com).

The unit of PSA Peugeot Citroen Group is based in Paris. It started the offer on March 11.

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