B&M European gives results for capped tender offer for 3 5/8% notes

By Mary-Katherine Stinson

Lexington, Ky., Nov. 21 – B&M European Value Retail SA announced the results of its capped tender offer for its £400 million 3 5/8% notes due 2025 (ISIN: XS2199627030), according to a notice.

At the conclusion of the offer at 11 a.m. ET on Nov. 20, £244.48 million in principal amount of existing notes were validly tendered in the offer. All the tendered notes have been accepted for purchase at 98 plus accrued interest.

Settlement is expected to take place on Nov. 23.

As reported on Nov. 14, the maximum acceptance amount of the offer was set at £250 million, in line with the pricing of new 8 1/8% senior secured notes due 2030. The tender offer was conditioned on completion of the new notes’ issuance.

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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