Tesco accepts $170.29 million tenders for 6.15% notes due 2037

By Taylor Fox

New York, Jan. 27 – Tesco plc announced the results of its cash tender offer for any and all outstanding $525 million of 6.15% senior notes due 2037 (Cusips: 881575AC8 and G87621AL5), according to a news release.

As of the 5 p.m. ET Jan. 26 expiration time, $170,286,000 of the notes had been tendered and accepted for purchase.

Holders will receive $1,348.42 per $1,000 of tendered notes. Pricing was determined using the 1.375% Treasury note due August 2050 and a fixed spread of 160 basis points and was announced on Tuesday.

Holders will also receive accrued interest.

Settlement is expected on Jan. 28.

Concurrently with the tender offer for the dollar notes, the issuer also launched tender offers for eight series of notes denominated in euros and pounds sterling.

BNP Paribas (888 210-4358, 212 841-3059, +33 1 55 777 78 9 or liability.management@bnpparibas.com), Citigroup Global Markets Ltd. (800 558-3745, 212 723-6106, +44 20 7029 7063 or liabilitymanagement.europe@citi.com), MUFG Securities EMEA plc (877 744-4532, +44 20 7577 4218 or liability.management@mufgsecurities.com) and RBC Capital Markets, LLC (877 381-2099, 212 618-7843, +44 20 7029 7063 or liabilitymanagement@rbccm.com) are the dealer managers.

Lucid Issuer Services Ltd. (+44 20 7704 0880 or tesco@lucid-is.com) is information and tender agent.

Tesco is a Cheshunt, England-based grocery and retail chain.

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