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Otto gives results of tender offers for 2022, 2023, 2024, 2026 notes
Chicago, Feb. 8 Otto GmbH & Co. KG announced results of its cash tender offers for its outstanding 40 million 1½% notes due 2022 (ISIN: XS1567447609), 250 million 2½% notes due 2023 (ISIN: XS1433512891), 300 million 1 7/8% notes due 2024 (ISIN: XS1625975153) and 300 million 2 5/8% notes due 2026 (ISIN: XS1979274708) in a news release on Monday.
The offer was capped at 200 million. Based on the acceptance of the tenders submitted plus interest, as detailed below, the company will pay 163,361,910.14.
The company received tenders for and will accept the following amounts for each series of notes:
4,363,000 of the 2022 notes, to be repurchased for 1,012.30 per 1,000 note plus 14.01 interest;
61,833,000 of the 2023 notes, to be repurchased for 1,053 per 1,000 note plus 16.51 interest;
40,727,000 of the 2024 notes, to be repurchased for 1,042 per 1,000 note plus 12.59 interest; and
45,559,000 of the 2026 notes, to be repurchased for 1,071 per 1,000 note plus 22.15 interest.
The offers started on Jan. 25 and expired at 11 a.m. ET on Feb. 5.
Settlement is scheduled for Feb. 12.
As previously reported, the purpose of the offers is to, among other things, proactively use the companys excess cash to reduce its debt.
Commerzbank AG (+49 69 1365 9920, attn.: liability management group, liability.management@commerzbank.com) and Deutsche Bank AG (+44 20 7545 8011, attn.: liability management group) are the dealer managers.
Lucid Issuer Services Ltd. (+44 20 7704 0880, attn.: Arlind Bytyqi, otto@lucid-is.com) is the tender agent.
Otto is a mail order company based in Hamburg, Germany.
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