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Fortescue Metals gives results of offers to purchase 2022, 2023 notes
By Taylor Fox
New York, March 26 – Fortescue Metals Group Ltd. wholly owned subsidiary FMG Resources (August 2006) Pty. Ltd. announced the results for its cash tender offer to purchase any and all of its $750 million outstanding 4¾% senior notes due 2022 (Cusip: 30251GAU1) and any and all of its outstanding $500 million 5 1/8% senior notes due 2023 (Cusip: 30251GAY3), according to a news release.
As of the 5 p.m. ET March 25 expiration time, $601,117,000 of the 2022 notes and $355,988,000 of the 2023 notes were validly tendered, excluding $6.04 million of the 2022 notes and $2.64 million of the 2023 notes tendered under guaranteed delivery procedures.
The guaranteed delivery date is 5 p.m. ET March 29, previously extended from 5 p.m. ET March 26 for the 2022 notes.
As previously reported, holders who tender 2022 notes prior to the expiration time will receive $1,047 per $1,000 of notes, plus interest, and holders who tender 2023 notes prior to the expiration time will receive $1,070 per $1,000 of notes, plus interest.
The offer is conditioned on the company completing an offering of senior notes for proceeds sufficient to pay the total consideration and accrued interest for all the tendered notes, plus all fees and expenses in connection with the tender offer.
The settlement date is expected to be March 26.
Settlement for notes accepted for purchase delivered under the guaranteed delivery procedures is expected to be March 30.
J.P. Morgan Securities LLC (866 834-4087, 212 834-4087) is the dealer manager, and D.F. King & Co. (866 796-7179, 212 709-3328; fmg@dfking.com) is the information agent and depositary.
Fortescue Metals is a Perth, Australia-based iron ore company.
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