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Neinor gives results in offer for 2026 notes, ups acceptance amount
By Mary-Katherine Stinson
Lexington, Ky., March 2 – Neinor Homes, SA gave results of its offer to purchase for cash its outstanding €300 million 4½% senior secured notes due 2026 (ISIN: XS2332219612) and upped the maximum acceptance amount, according to a notice.
Neinor announced it will accept for purchase €130 million of notes that were tendered in the offer, an increase from the previous cap of €100 million.
The company will accept the notes for purchase at a scaling factor of 22.75% for the notes offered at the highest price accepted by the offerer.
As previously reported, the company originally stated that the notes would be purchased at prices to be determined under an unmodified Dutch auction procedure with the minimum purchase price being 90.
The company will also pay accrued interest.
The purchase consideration will be €122,958,880.
Non-competitive tenders – tender instructions that either did not specify a purchase price or specified a purchase price less than or equal to the minimum purchase price – had priority in acceptance over competitive tenders – tender instructions that specified a purchase price greater than the minimum purchase price.
The offer expired at 11 a.m. ET on March 1.
Settlement is expected for March 6.
Following settlement, €142.72 million notes will remain outstanding.
J.P. Morgan SE (+44 20 7134 4353; liability_management_EMEA@jpmorgan.com) is the dealer manager.
Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: David Shilson; neinorhomes@is.kroll.com; https://deals.is.kroll.com/neirnorhomes) is the tender agent.
The real estate development company is based in Bilbao, Spain.
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