Ulker Biskuvi Sanayi launches capped tender offer for 6.95% bonds

Chicago, July 11 – Turkey’s Ulker Biskuvi Sanayi AS launched a $50 million capped tender offer for its $650 million outstanding 6.95% notes due 2025 (ISIN: XS2241387500), according to a notice.

The cap is a maximum acceptance amount based on the principal amount of notes tendered.

The purchase price will be determined through a modified Dutch auction procedure.

The minimum purchase price will be $880, and the maximum purchase price will be par.

Tendering noteholders may submit either competitive or non-competitive offers. Competitive offers will specify an offer price higher than the minimum price.

The purchase price will be determined as the lowest purchase price that will enable the issuer to purchase the acceptance amount.

All noteholders will receive the same purchase price.

Tenders may be prorated.

Repurchased notes may be held, reissued, resold or canceled.

The offer expires at 11 a.m. ET on July 19.

Settlement will be on or around July 25.

J.P. Morgan Securities plc will be the dealer manager (+44 20 7134 2468, em_europe_lm@jpmorgan.com).

Kroll Issuer Services Ltd. will be the tender agent (+44 20 7704 0880, ulker@is.kroll.com, https://deals.is.kroll.com/ulker).

Ulker Biskuvi Sanayi is an Istanbul-based producer of confections and baked goods.

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