B&M European sets £250 million tender cap for 3 5/8% notes due 2025

Chicago, Nov. 14 – B&M European Value Retail SA set the maximum acceptance amount for its tender offer for its £400 million 3 5/8% senior secured notes due 2025 (ISIN: XS2199627030) on Tuesday, according to a notice.

The maximum amount is related to the pricing of new 8 1/8% senior secured notes due 2030.

Accordingly, the maximum amount has been set in line with the new offering size, at £250 million.

The tender offer is conditioned on completion of the new notes’ issuance.

B&M is offering to purchase the notes at 98, plus accrued interest.

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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