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B&M European launches capped tender offer for 3 5/8% notes due 2025
By Marisa Wong
Los Angeles, Nov. 13 – B&M European Value Retail SA is inviting holders of its existing £400 million 3 5/8% senior secured notes due 2025 (ISIN: XS2199627030) to tender their notes for purchase for cash, up to a maximum acceptance amount, according to a press release.
B&M is offering to purchase the notes at 98, plus accrued interest.
B&M will determine the maximum acceptance amount at its discretion. The maximum acceptance amount is expected to be equal to the aggregate principal amount of new notes that the company will issue under a concurrent offering.
The company announced on Monday that it intends to price £250 million of new senior secured notes due 2030.
The tender cap will be announced soon after the company prices its new notes.
The tender offer is conditioned on completion of the new notes’ issuance.
Holders who participate in the tender offer and wish to subscribe for the new notes may be given priority in the allocation of the new notes.
Likewise, holders who wish to tender their notes in addition to subscribing for new notes can receive priority of acceptance in the tender offer.
If the maximum acceptance amount is exceeded, tendered notes that are not given any priority of acceptance will be subject to a scaling factor.
The tender offer will expire at 11 a.m. ET on Nov. 20.
Settlement is expected to take place on Nov. 23.
The dealer managers for the tender offer are HSBC Bank plc (+44 20 7992 6237; LM_EMEA@hsbc.com), BNP Paribas (+33 1 55 77 78 94; liability.management@bnpparibas.com) and BofA Securities Europe SA (+33 1 87 70 10 57; DG.LM-EMEA@bofa.com).
Kroll Issuer Services Ltd. (+44 20 7704 0880; BandM@is.kroll.com; https://deals.is.kroll.com/BandM) is the tender agent.
The company said the purpose of carrying out the tender offer and the new notes offering is to improve its overall debt maturity profile. Existing notes purchased under the tender offer are expected to be canceled.
B&M is a British multinational variety store chain with headquarters in Luxembourg.
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