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Tele2 gives results and pricing in offer for 1 1/8% notes due 2024
By Mary-Katherine Stinson
Lexington, Ky., May 17 – Tele2 AB announced the results and pricing of the cash tender offer, including an increased acceptance amount, for its €500 million 1 1/8% notes due May 15, 2024 (ISIN: XS1907150350), according to multiple notices.
As of the expiration date of 11 a.m. ET on May 16, €306,541,000 in total principal of notes were validly tendered.
The offer was originally capped at €300 million, as previously reported. However, the company has decided to accept all notes tendered without proration and so has increased the maximum acceptance amount to €306,541,000.
The purchase price was calculated on May 17 using the May 2024 interpolated mid-swap rate and purchase spread of negative 20 basis points. As such, the tendered notes will be purchased at a price of €976.72 per €1,000 to yield 3.582%.
The company will also pay accrued interest to but excluding the settlement date.
Settlement is expected to occur on May 22.
The tender offer is subject to a new financing condition.
As previously reported, Tele2 announced that it intends to issue new euro-denominated fixed-rate notes guaranteed by Tele2 Sverige AB.
Holders who participated in the tender offer and wish to subscribe for the new notes may receive priority in allocation of the new notes.
The dealer managers for the tender offer are Deutsche Bank AG (+44 20 7545 8011) and Nordea Bank Abp (+45 6161 2996; nordealiabilitymanagement@nordea.com).
The tender agent is Kroll Issuer Services Ltd. (+44 20 7704 0880; tele2@is.kroll.com; attn.: Thomas Choquet; https://deals.is.kroll.com/tele2).
Tele2 is a Stockholm-based telecommunications services provider.
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