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Saga gives final results of tender offer for 3 3/8% notes due 2024
Chicago, June 30 – Saga plc announced the final results for its 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.
As of the expiration deadline at 11 a.m. ET on June 29, the company received tenders for £173,489,000 of the outstanding notes.
Because the offer was oversubscribed, tenders will be subject to a proration scaling factor of 57.261%.
The company will be, subject to the satisfaction of the financing condition, paying par plus interest to the settlement date.
The company sold £250 million of new bonds on June 25, with settlement of the new bonds scheduled for July 2.
Settlement for the tender offer is expected for July 2.
After settlement, there will be £150 million of the notes outstanding.
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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