Indra Sistemas accepts €150 million of tendered 3% notes due 2024

By Marisa Wong

Los Angeles, May 16 – Indra Sistemas, SA announced the final results of its offer to purchase for cash up to a maximum amount of its €300 million 3% notes due April 19, 2024 (ISIN: XS1809245829).

As of the expiration of the offer at 11 a.m. ET on May 13, holders had tendered €196.5 million of the notes. Indra will accept €150 million of the tendered notes at a proration factor of 79.2%, according to a Monday press release.

The purchase price is 103.566, calculated at around 7 a.m. ET on May 16 using the interpolated mid-swap rate and a spread of 20 basis points, reflecting a yield to the par call date of Jan. 19, 2024.

Settlement is slated for May 18.

Indra had launched the offer on May 9 and originally set the maximum tender amount at €100 million. However, the company had said it reserved the right to increase or decrease the maximum purchase amount at its discretion.

The purpose of the tender offer is “to manage its liquidity in an efficient manner by proactively managing its debt capital markets liabilities to optimize the level of cash at hand and the volume and cost of its financial indebtedness,” the company said in a prior announcement.

BNP Paribas (+33 1 55 77 78 94, liability.management@bnpparibas.com, attn.: liability management group) is the dealer manager for the offer, and Kroll Issuer Services Ltd. (+44 20 7704 0880, indra@is.kroll.com, attn.: David Shilson) is the tender agent.

The information technology and defense systems company is based in Madrid.

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