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Saga begins tender offer for £250 million 3 3/8% notes due 2024
Chicago, June 22 – Saga plc started a tender offer with a target acceptance amount of £100 million from its existing £250 million outstanding 3 3/8% notes due 2024 (ISIN: XS1610655950), according to an announcement.
The company is offering to repurchase the notes at par. Interest will also be paid to the settlement date.
The offer is subject to a financing condition. Concurrently, the company announced plans to offer £250 million of new bonds.
Preference in the allocation of the new bonds may be given to tendering noteholders.
Tenders may be subject to proration.
The purpose of the offer is for Saga to optimize its debt maturity profile and liquidity.
Tender instructions are generally irrevocable and must be received by 11 a.m. ET on June 29.
Settlement is planned for July 2.
Barclays (+44 20 3134 8515, eu.lm@barclays.com) and HSBC Bank plc (+44 20 7992 6237, LM_EMEA@hsbc.com) are the dealer managers.
Lucid Issuer Services Ltd. is the tender agent (+44 20 7704 0880, saga@lucid-is.com).
The issuer is a Kent, England-based provider of products and services for people aged 50 and over.
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