Jaguar Land Rover offers to buy $500 million from three series of notes

Chicago, Oct. 6 – Jaguar Land Rover Automotive plc is offering to buy $500 million principal from three series of notes, according to a press release.

Ordered by acceptance priority level, the three series in the tender offer are the:

• €500 million outstanding 6 7/8% senior notes due 2026 (ISINs: XS2010037500, XS2010037682) for a purchase price of €1,017.50 per note;

• $650 million outstanding 5 7/8% senior notes due 2028 (ISINs: US47010BAK08, USG5002FAU06) for a purchase price of $907.50 per note; and

• $500 million outstanding 5½% senior notes due 2029 (ISINs: US47010BAM63, USG5002FAV88) for a purchase price of $870 per note.

The purchase prices are based on either €1,000 notes or $1,000 notes, based on the currency. The purchase prices will additionally include accrued coupon payments. The principal cap is based on a set conversion rate of €1.00 to $1.053.

If any notes from a series are accepted for purchase, all tendered notes will be accepted from that series. There will be no proration for any series.

The offer expires at 5 p.m. ET on Oct. 13.

Settlement is planned for Oct. 18.

There are guaranteed delivery procedures. Tenders via guaranteed delivery are due by 5 p.m. ET on Oct. 17.

Jaguar said that it plans to use cash on hand to fund the tender offer.

The dealer managers are BNP Paribas (+33 1 55 77 78 94, liability.management@bnpparibas.com), J.P. Morgan Securities LLC for the dollar notes (866 834-4666, 212 834-4818), J.P. Morgan Securities plc for the euro notes (+44 20 7134 2468, liability_management_EMEA@jpmorgan.com) and Standard Chartered Bank (212 667-0351, +44 20 7880 5739, +65 655 78286, +852 398 38658, liability_management@sc.com).

D.F. King & Co., Inc. is the information and tender agent for the offer (866 342-4882, 212 269-5550, +44 20 7920 9700, jaguar@dfking.com, https://www.dfkingltd.com/JLR).

The prospective issuer, a Coventry, U.K.-based holding company for carmaker Jaguar Land Rover Ltd., a subsidiary of Indian automotive company Tata Motors, plans to use the proceeds for general corporate purposes.

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