FAGE hosts Dutch auction tender offer for 5 5/8% notes due 2026

Chicago, Sept. 1 – FAGE International SA and FAGE USA Dairy Industry, Inc. are hosting a modified Dutch auction cash tender offer for the $288,365,000 of 5 5/8% senior notes due 2026 (Cusips: 30257WAA4, L34664AA7), according to press releases.

The tender offer started Aug. 10 and the early deadline passed on Aug. 23.

The tender offer expires on Sept. 7.

The company was offering a maximum payout of $100 million, which was increased to $105,343,140 at the early deadline.

The total consideration per $1,000 note was determined to be, through the bid process of the Dutch auction, $980, inclusive of a $30 early tender premium for noteholders who tendered by the early deadline. Accrued interest is also being paid.

When the offer started, the minimum bid was $940 per note, and the bid price range was between $940 and $980.

FAGE used Aug. 25 as an early settlement date.

The press release announcing early results did not specify whether FAGE would accept any notes after the early deadline passed, but tenders may be prorated.

Citigroup Global Markets Inc. is the dealer manager.

Global Bondholder Services Corp. is the tender agent and information agent (855 654-2014, contact@gbsc-usa.com).

FAGE is an Athens, Greece-based dairy company.

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