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MTN (Mauritius) launches tender offer for 4.755% notes due 2024
By Marisa Wong
Los Angeles, Nov. 7 – MTN (Mauritius) Investments Ltd. is inviting holders of its $750 million 4.755% notes due Nov. 11, 2024 (ISIN: XS1128996425, US55377XAA46), of which $450 million remains outstanding, to tender any and all of their notes for purchase for cash, according to a press release.
The issuer is offering a purchase price of par plus accrued interest.
Tendered notes will be accepted for purchase in full, with no pro rata scaling.
The offer expires at 5 p.m. ET on Nov. 14; this is also the withdrawal deadline.
Results will be announced on Nov. 15, and settlement will be on Nov. 16.
Tenders of Rule 144A notes under guaranteed delivery procedures are due by 5 p.m. ET on Nov. 16.
Confirmation of final results will be on Nov. 17, which is also the guaranteed delivery settlement date.
The company said the purpose of the offer is to optimize its debt maturity profile and currency mix. In addition, the offer will provide liquidity to holders whose notes are accepted in the offer.
Notes purchased under the offer will be canceled and will not be reissued or resold.
The dealer managers for the tender offer are Absa Bank Ltd. (+27 83 292 8477; attn.: Victor Germeshuizen; IBDDCM@absa.africa), J.P. Morgan Securities plc (+44 20 7134 2468; em_europe_lm@jpmorgan.com) and MUFG Securities Americas Inc. (212 405-7481, 877 744-4532, +44 20 7628 5555, +33 1 70 91 42 55; DCM-LiabilityManagement@int.sc.mufg.jp).
The tender agent is Morrow Sodali Ltd. (+44 20 4513 6933, 203 609-4910, +852 2319 4130; mtn@investor.morrowsodali.com; https://projects.morrowsodali.com/mtn).
The notes are guaranteed by MTN Group Ltd., Mobile Telephone Networks Holdings Pty Ltd., MTN International (Mauritius) Ltd., MTN International Pty Ltd., Mobile Telephone Networks Pty Ltd. and MTN Treasury Ltd.
Based in Johannesburg, Mobile Telephone Networks is a network provider that serves South Africa.
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