Expedia gives early results on offers for 6.25% notes due 2025, ups cap

By Taylor Fox

New York, March 2 – Expedia Group, Inc. announced the early results of its cash tender offer to purchase some of its $2 billion outstanding 6.25% senior notes due 2025 (Cusip: 30212PAS4), according to a news release.

Expedia also increased the maximum purchase amount to $1.13 billion from $950 million.

As of the 5 p.m. ET March 1 early tender time, $1,704,655,000 of the notes were tendered, and the company expects to accept $955.6 million of the tendered notes. The early payment date is expected for March 3.

Holders who tendered notes prior to the early tender time will receive the total consideration of $1,182.50 per $1,000 of notes, including a $50 early participation amount per $1,000 of notes.

Holders who tender notes after the early tender deadline but before the expiration will receive the tender offer consideration of $1,132.50 per $1,000 of notes.

Expedia will also pay interest to but excluding the applicable settlement date.

The offer will expire at 11:59 p.m. ET March 15.

Expedia will accept notes up to the tender cap and subject to proration, provided that notes tendered at or prior to the early participation date will be accepted for purchase in priority to notes tendered after the early participation date.

Tendered notes may no longer be withdrawn.

The tender offer is not conditioned on the tender of any minimum amount of notes but is subject to a financing condition.

Concurrently with the launch of the tender offer, Expedia began an offering of senior notes and convertible senior notes, proceeds of which will be used to fund the tender offer as well as the redemption of the company’s 7% senior notes due 2025.

BofA Securities (980 387-3907), Goldman Sachs & Co. LLC (212 357-1452) and J.P. Morgan Securities LLC (917 808-9154) are the dealer managers for the tender offer.

D.F. King & Co., Inc. (212 269-5550, 800 829-6551, expe@dfking.com) is the tender agent and information agent.

Expedia is a Bellevue, Wash.-based online travel company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.