Brighthouse lifts cap of tender offer for two series to $750 million

By Wendy Van Sickle

Columbus, Ohio, Nov. 10 – Brighthouse Financial, Inc. increased the cap of its tender offer for two series of notes to $750 million from $500 million, according to an announcement Wednesday.

The company announced on Tuesday it is offering to buy notes from the following two issues with a higher acceptance priority on the first series: the $1,300,284,000 outstanding 3.7% senior notes due 2027 (Cusips: 10922NAC7, 10922NAA1, U622NAA0) and the $1.15 billion outstanding 4.7% senior notes due 2047 (Cusips: 10922NAF0, 10922NAD5, U6225NAB8).

The 2027 notes will be repurchased at a price based on the 1.125% U.S. Treasury due Oct. 31, 2026 plus 50 basis points inclusive of an early tender premium of $50 for a hypothetical consideration of $1,107.55 per $1,000 note.

The 2047 notes will be priced using the 2.375% U.S. Treasury due May 15, 2051 plus 175 bps inclusive of a $50 early tender premium for a hypothetical consideration of $1,171.49 per $1,000 note.

Pricing will take place at 10 a.m. ET on Nov. 24.

The early tender deadline is 5 p.m. ET on Nov. 23, also the withdrawal deadline.

Early settlement is planned for Nov. 26.

The offer expires at 11:59 p.m. ET on Dec. 8.

Final settlement is planned for Dec. 10.

Tenders may be subject to proration.

There is a financing condition. The tender offer is conditioned upon the receipt of at least $750 million from one or more debt or preferred stock financings. That amount was also increased from $500 million.

There are no guaranteed delivery procedures for the offer.

D.F. King & Co., Inc. is the information and tender agent for the offer (877 283-0322, 212 269-5550, bhf@dfking.com).

The lead dealer managers for the offer are BofA Securities (888 292-0070, 980 387-3907, debt_advisory@bofa.com), Goldman Sachs & Co. LLC (212 357-1452, 800 828-3182, GS-LM-NYC@gs.com and Wells Fargo Securities (704 410-4756, 866 309-6318, LiabilityManagement@wellsfargo.com).

The co-dealer manager is Loop Capital Markets LLC (800 894-0506, dcm@loopcapital.com).

Brighthouse is a Charlotte, N.C.-based insurance provider.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.