Marks and Spencer begins tender offers for three note series

By Marisa Wong

Los Angeles, May 24 – Marks and Spencer plc announced tender offers for its outstanding £300 million 3% notes due Dec. 8, 2023 (ISIN: XS1531151253), £400 million 4¾% notes due June 12, 2025 (ISIN: XS0863523030) and £300 million 3¾% notes due May 19, 2026 (ISIN: XS2258453369), according to a notice.

The company is offering to purchase any and all of the 2023 notes and up to £225 million aggregate principal amount of the 2025 and 2026 notes.

The purchase price is fixed at 99.4 for the 2023 notes. Pricing for the 2025 notes is based on the 5/8% U.K. Treasury due June 2025 and a fixed spread of 200 basis points, and pricing for the 2026 notes is based on the 1/8% U.K. Treasury due January 2026 and a fixed spread of 255 bps.

The company will also pay accrued interest.

Tenders of 2025 notes and 2026 notes may be subject to proration.

Tenders may not be withdrawn except in limited circumstances.

The offers will expire at 11 a.m. ET on June 1.

Pricing for the 2025 notes and 2026 notes will be set at or around 7 a.m. ET on June 2. Results will be announced soon after that.

Settlement is slated for June 6.

The dealer managers are BNP Paribas (+33 1 55 77 78 94; liability.management@bnpparibas.com) and NatWest Markets plc (+44 20 7678 5222; NWMLiabilityManagement@natwestmarkets.com).

The tender agent is Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: David Shilson; marksandspencer@is.kroll.com; https://deals.is.kroll.com/marksandspencer).

Marks and Spencer is a London-based retailer.

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