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Marks and Spencer announces tender offer results for three notes
Chicago, June 2 – Marks and Spencer plc provided the results of its tender offers for its outstanding £185.54 million 3% notes due Dec. 8, 2023 (ISIN: XS1531151253), £324.57 million 4¾% notes due June 12, 2025 (ISIN: XS0863523030) and £300 million 3¾% notes due May 19, 2026 (ISIN: XS2258453369), according to two notices on Friday.
The company was offering to purchase any and all of the 2023 notes and up to £225 million aggregate principal amount of the 2025 and 2026 notes.
2023 notes
From the offer for the 2023 notes, the company is accepting all £57,432,000 of the tendered notes.
The purchase price was fixed at 99.4 at the outset of the offer. Accrued interest of £20.96 per £1,000 note will also be paid. After the repurchase, there will be £128,108,000 of the notes outstanding.
Capped offer
As noted above, the company was offering to buy up to £225 million aggregate principal amount for the 2025 and 2026 notes.
The company announced the final acceptance amount at £219,417,000.
The company will be accepting all £120,944,000 tendered of the notes due 2025.
The purchase price was determined to be 99.222 based on the 5/8% U.K. Treasury due June 2025 and a fixed spread of 200 basis points. Interest of £59.01 per £1,000 note will also be paid.
There will be £203,626,000 of the notes outstanding after settlement.
For the notes due 2026, Marks and Spencer is buying £98,473,000 of the £107,173,000 tendered notes. The notes are being purchased at 91.82, determined using the 1/8% U.K. Treasury due January 2026 and a fixed spread of 255 bps. The company will also pay £1.84 in interest per £1,000 note.
After settlement, there will be £201,527,000 of the notes outstanding.
Details
The offers expired at 11 a.m. ET on June 1.
Settlement will take place on 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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