Boral announces purchase price in tender offer for 3% senior notes

By William Gullotti

Buffalo, N.Y., May 21 – Boral Ltd. wholly owned subsidiary Boral Finance Pty. Ltd. announced pricing for its tender offer for cash for any and all of its $450 million outstanding 3% guaranteed senior notes due 2022 (Cusips: 09952AAA4, Q1700EAA0), according to a press release.

The company will pay a consideration of $1,032.93 per $1,000 principal amount, set at 10 a.m. ET on Friday, calculated using the 0.125% U.S. Treasury due April 30, 2023 and a fixed spread of 40 basis points.

The offer expired at 5 p.m. ET on May 21, which was also the withdrawal deadline.

The deadline for tenders under guaranteed delivery procedures is 5 p.m. ET on May 25.

Initial settlement is expected to be on May 24, and settlement of any tenders under guaranteed delivery procedures is expected to be on May 26.

Boral said the tender offer is part of its process of reducing its net debt position using A$1.33 billion of proceeds from the sale of its 50% share in USG Boral JV.

J.P. Morgan Securities LLC (866 834-4087 or 212 834-4087) is the dealer manager for the tender offer.

D.F. King & Co, Inc. (212 269-5550 for banks and brokers only or 866 796-1271 for all others; boral@dfking.com or www.dfking.com/boral) is the tender and information agent.

Boral is an international building products and construction materials group based in Sydney, Australia.

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