Jaguar Land Rover accepts tenders for $399.55 million of notes

By Marisa Wong

Los Angeles, Oct. 16 – Jaguar Land Rover Automotive plc announced the results of its Oct. 6 offer to purchase $500 million principal amount of notes from three series.

The aggregate amount of notes tendered and accepted by the company is $399,546,120, according to a Monday press release. The total amount was calculated using a conversion rate of €1.000 to $1.053 and excludes notes tendered under guaranteed delivery procedures.

As of the expiration deadline at 5 p.m. ET on Oct. 13, holders had tendered the following notes, ordered by acceptance priority level:

• €202.04 million of the €500 million outstanding 6 7/8% senior notes due 2026 (ISINs: XS2010037500, XS2010037682) for a purchase price of €1,017.50 per note;

• $95,809,000 of the $650 million outstanding 5 7/8% senior notes due 2028 (ISINs: US47010BAK08, USG5002FAU06) for a purchase price of $907.50 per note; and

• $90,989,000 of the $500 million outstanding 5½% senior notes due 2029 (ISINs: US47010BAM63, USG5002FAV88) for a purchase price of $870 per note.

The amounts exclude $5,315,000 of notes tendered under guaranteed delivery procedures, specifically $1,437,000 of 2028 notes and $3,878,000 of 2029 notes. Tenders under guaranteed delivery procedures are due by 5 p.m. ET on Oct. 17.

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.

Settlement is planned for Oct. 18.

The company said on Monday that all of the conditions to the offer have been met.

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 3983 8658, liability_management@sc.com).

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

The issuer is a Coventry, U.K.-based holding company for carmaker Jaguar Land Rover Ltd., a subsidiary of Indian automotive company Tata Motors.

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