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Jaguar Land Rover tenders, seeks consents for 8¼% senior notes due 2020
By Susanna Moon
Chicago, Feb. 19 – Jaguar Land Rover Automotive plc said it began a tender offer and consent solicitation for its £500 million 8¼% senior notes due 2020.
The parent company of the Jaguar Land Rover group of companies and a subsidiary of Tata Motors Ltd. is offering to purchase for cash the notes guaranteed on a senior basis by Jaguar Land Rover Holdings Ltd., Jaguar Land Rover Ltd., JLR Nominee Co. Ltd., Land Rover Exports Ltd. and Jaguar Land Rover North America, LLC.
The company is soliciting consents to amend the notes indenture, according to a press release.
Pricing for each £1,000 principal amount will be set at 5 a.m. ET on March 5 using the bid-side yield to maturity of the 2% U.K. Treasury gilt due Jan. 22, 2016 plus 50 basis points.
The hypothetical purchase price was set at £1,115.91, which includes an early tender premium of £30, for each £1,000 principal amount of notes tendered by noon ET on March 5, the early tender date.
The tender offer will end at noon ET on March 19. Tendered notes may be withdrawn by the early tender deadline.
Settlement will occur on March 6 for early tendered notes and March 20 for remaining tenders.
Holders who tender their notes will also be deemed to have delivered consents. Holders cannot tender their notes without also delivering their consents or vice versa.
The offer is conditioned upon the company receiving consents from holders of at least a majority of the outstanding notes.
Deutsche Bank AG, London Branch (+44 20 7547-5000, fax +44 20 7547 6149/5001 or email: xchange.offer@db.com) is the tender agent. Deutsche Bank (+44 20 7545 8011, attn.: liability management group, email: liability.management@db.com) is the dealer manager and solicitation agent.
The automobile manufacturer is based in Graydon, England.
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