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HCL America sees early tenders for $247.79 million notes, raises cap
By Marisa Wong
Los Angeles, Feb. 21 – HCL America Inc. announced the early results of its Feb. 6 tender offer for up to $125 million of its $500 million of 1 3/8% senior notes due 2026 (Cusips: 40480HAA5/U2479QAA5) guaranteed by parent company HCL Technologies Ltd.
As of the early tender deadline at 5 p.m. ET on Feb. 17, holders had tendered $247,793,000 of the notes.
The company said it has increased the maximum acceptance amount to $247,793,000 from $125 million.
Because the total amount of notes tendered by the early tender deadline equals the updated offer cap, the company will not accept for purchase any notes tendered after the early deadline.
No scaling factor will be applied to the early tendered notes, the company noted.
The company offered a total consideration of $908.75 per $1,000 principal amount of notes tendered by the early deadline. The total consideration includes an early premium of $30 per $1,000 principal amount.
Holders will also receive accrued interest.
Early settlement is expected to be on Feb. 22.
The offer will expire at 11:59 p.m. ET on March 6.
HCL had said the purpose of the tender offer, which will be funded with cash on hand, is to optimize its balance sheet and reduce debt.
Merrill Lynch (Singapore) Pte. Ltd. (+65 6678 0250, +44 20 7996 5420, dg.dcm_sea@bofa.com or DG.LM-EMEA@bofa.com) and Standard Chartered Bank (+65 6557 8286, +44 20 7885 5739, +852 3983 8658 or: liability_management@sc.com) are the dealer managers.
Morrow Sodali Ltd. (https://projects.morrowsodali.com/HCL) is the information and tender agent.
HCL Technologies is a New Delhi-based global technology company. The issuer is based in California.
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