Invesco wraps $100 million oversubscribed tender offer for three notes

By Susanna Moon

Chicago, June 30 - Invesco Ltd. subsidiary Invesco Holding Co. Ltd. (formerly known as Amvescap plc) said it accepted $84,897,000 of its 5.625% notes due 2012, $16,532,000 of its 5.375% notes due 2013 and $2,874,000 of its 5.375% notes due 2014 in its modified Dutch auction tender offer.

The company began the tender offer on June 2 for up to $100 million total of its $300 million 5.625% notes, $350 million 5.375% notes due 2013 and $200 million 5.375% notes due 2014.

The offer expired at midnight ET on June 29.

In the oversubscribed offer, holders tendered $94,435,000 of 5.625% notes, $22,793,000 of 5.375% notes due 2013 and $5,681,000 of 5.375% notes due 2014.

For each $1,000 principal amount, the company will pay $940 plus $11.41 accrued interest for the 5.625% notes, $890 plus $18.36 accrued interest for the 5.375% notes due 2013 and $850 plus $2.24 accrued interest for the 5.375% notes due 2014. The total payment includes a $30 early participation amount for notes tendered by 5 p.m. ET on June 15.

The payment was based on a base price of $920 for the 5.625% notes, $870 for the 5.375% notes due 2013 and $800 for the 5.375% notes due 2014 plus a clearing premium of $50.

The clearing premium was the lowest single premium at which Invesco could spend $100 million by accepting all tendered notes with bid premiums equal to or lower than the clearing premium.

Holders of the notes tendered at the clearing premium were subject to proration.

Holders will also receive accrued interest up to but excluding the payment date, which was expected to be June 30.

Funding for the tender offer will come from cash on hand.

Banc of America Securities LLC (888 292-0700 or 980 388-4603) is the dealer manager, and Global Bondholder Services Corp. (866 470-4500 or 212 430-3774) is the information agent.

Invesco is an Atlanta-based investment management company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.