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Carlyle sees early tenders of $341.6 million 3 7/8% notes due 2023
By Wendy Van Sickle
Columbus, Ohio, Sept. 20 – The Carlyle Group LP said indirect subsidiary Carlyle Holdings Finance LLC took in early tenders of $341,597,000 of notes in its offer to purchase for cash up to $250 million principal amount of its $500 million 3 7/8% senior notes due 2023.
Because the offer was oversubscribed at the early deadline, 5 p.m. ET on Sept. 20, the early tenders will be accepted at a proration factor of 73.2%, and the company does not expect to accept any additional tenders, according to a news release.
Pricing will be set at 11 a.m. ET on Sept. 21 using the bid-side price of the 2.75% U.S. Treasury due Aug. 31, 2023 plus 50 basis points.
The total purchase price will include an early tender premium of $30 per $1,000 principal amount of notes tendered before the early deadline.
The tender offer will run until 11:59 p.m. ET on Oct. 4, although no additional tenders are expected to be accepted.
Holders will also receive accrued interest up to but excluding the settlement date, which is expected to be Sept. 25 for the early tenders.
The tender includes a condition that the company or its affiliates close one or more syndicated loan or capital markets transactions with enough proceeds, along with cash on hand or available liquidity, to fund the offer. The tender is not conditioned on any minimum amount of notes being tendered, according to an announcement.
J.P. Morgan Securities LLC (866 834-4666 or 212 834-8553) is the dealer manager. D.F. King & Co., Inc. (866 406-2285, fax 212 709-3328 or carlyleholdings@dfking.com) is the information agent and depositary.
The Carlyle Group is a Washington, D.C.-based investment firm.
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