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| Prospect News home > News index > List of issuers I > Headlines for InterContinental Hotels Group plc > News item |
InterContinental offers to purchase £400 million 3.875% notes due 2022
By Taylor Fox
New York, Sept. 29 – InterContinental Hotels Group plc announced a tender offer for its £400 million 3.875% notes due 2022 (ISIN: XS0859098351), according to a 6-K filing with the Securities and Exchange Commission.
The notes will be purchased at 104.4, plus interest, subject to a maximum amount that will be determined following pricing.
If the amount of notes tendered for purchase is greater than the final acceptance amount, notes may be accepted for purchase on a pro rata basis.
The notes are guaranteed by Six Continents Ltd. and InterContinental Hotels Ltd.
InterContinental also announced its intention to issue one or two series of new fixed rate euro and/or sterling denominated notes under its £3 billion euro medium-term note program.
The purpose of the tender offer is to optimize the company's debt maturity profile in conjunction with the proposed issue of new notes. The offer will also provide liquidity to holders whose notes are accepted in the offer.
Notes purchased by the company under the offer will be canceled and will not be reissued or resold.
The offer will expire 11 a.m. ET Oct. 6.
The settlement date is expected to be Oct. 8.
Barclays Bank plc (44 020 3134-8515; eu.lm@barclays.com) and BofA Securities (44 020 7996-5420; dg.lm-emea@bofa.com) are dealer managers.
Lucid Issuer Services Ltd. (44 020 7704-0880) is the tender agent.
The hotel company is based in Denham, U.K.
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