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TP ICAP offers to buy up to £200 million of 5¼% notes due 2024
Chicago, Nov. 8 – TP ICAP plc is offering to purchase up to £200 million of its £431,375,000 outstanding 5¼% notes due 2024 (ISIN: XS1555815494), according to an announcement.
The company is offering to buy the notes at a price to be determined using the 1/8% U.K. Treasury due Jan. 31, 2024 plus 75 basis points. Interest will also be paid.
Pricing will be determined at 9 a.m. ET on Nov. 16.
The company initially sold £500 million of the notes.
Tenders may be prorated.
The tender offer is subject to a new financing condition.
The company plans to sell new sterling-denominated fixed-rate notes due 2028.
Priority allocation for the new notes may be given to tendering noteholders.
Tendering noteholders who wish to subscribe to the new notes should contact the dealer mangers before the tender offer expires and make a separate application for the new notes. The new notes are expected to price before the tender offer.
Tender instructions are due by 11 a.m. ET on Nov. 15.
Settlement is planned for Nov. 18.
HSBC Bank plc (+44 20 7992 6237, LM_EMEA@hsbc.com) and Merrill Lynch International (+44 20 7996 5420, DG.LM_EMEA@bofa.com) are working as dealer managers.
Lucid Issuer Services Ltd. is the tender agent (+44 20 7704 0880, tpicap@lucid-is.com).
TP ICAP is an interdealer broker based in London.
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