Synthomer launches capped tender offer for 3 7/8% notes due 2025

By Marisa Wong

Los Angeles, April 9 – Synthomer plc is offering to purchase for cash up to €370 million aggregate principal amount of its €520 million outstanding 3 7/8% senior notes due July 1, 2025 (ISIN: XS2194288390), according to a news release.

The company is offering a purchase price of €1,000 per €1,000 principal amount, plus accrued interest.

The offer only covers the Regulation S notes of the series. The company will not accept any tenders of Rule 144A notes.

The offer will expire at 11 a.m. ET on April 16.

Settlement is expected to occur no later than April 19.

The tender offer is subject to a financing condition. The company said it is conducting the tender offer as part of a refinancing transaction in connection with its expected issuance of senior notes on or prior to the settlement of the tender offer. Proceeds from the new notes, together with cash, will be used to fund the tender offer.

Holders of the existing notes 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.

Citigroup Global Markets Ltd. (+44 20 7986 8969; liabilitymanagement.europe@citi.com), Goldman Sachs Bank Europe SE (+44 20 7774 4836; liabilitymanagement.eu@gs.com) and HSBC Bank plc (+44 20 7992 6237; LM_EMEA@hsbc.com) are dealer managers for the tender offer.

Citibank, NA, London Branch (+44 20 7508 3867; Citiexchanges@citi.com) is the tender agent.

Synthomer is an Essex, U.K.-based chemicals company.

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