Man Strategic gets holder OK to redeem remaining 6% notes at meeting

By Susanna Moon

Chicago, May 2 - Man Strategic Holdings Ltd., formerly Man Group plc, said holders tendered €86.9 million of its €600 million of 6% notes due 2015 in London in the offer for €216,165,000 of the outstanding notes.

The company also received the needed consents at the meeting held on Thursday to amend the notes to allow it to redeem all of the remaining notes after the offer ends.

Man previously scheduled a meeting on April 18 but adjourned the meeting because there were not enough holders to form a quorum. The company then said it would announce the results of the tender offer after the meeting rescheduled for May 2.

The company will pay 110% of par for notes tendered by April 11, the early tender deadline, which represents a purchase price of 107% of par plus an early tender payment of 2% and proposal amount of 1%, according to a press release.

Those who tendered after the early deadline will receive 107% of par.

The company also will pay accrued interest.

Settlement will occur on May 7.

The purchase price was to range from 107% of par to 110% of par depending on whether the company secured approval to amend the notes, the company previously said.

If the proposal failed to go through, the company would have paid a purchase price of 107% of par plus an early tender payment of 2% to holders who tender by the early tender deadline.

The tender offer ended at 11 a.m. ET on April 15. The offer began on March 26.

Citigroup Global Markets Ltd. (44 20 7986 8969, attn: liability management group, email: liabilitymanagement.europe@citi.com) and Credit Suisse Securities (Europe) Ltd. (44 20 7883 7161, attn: liability management group, email: liability.management@credit-suisse.com) are the dealer managers.

Lucid Issuer Services Ltd. (44 20 7704 0880, attn: David Shilson / Paul Kamminga, email: man@lucid-is.com) is the tender agent.

The purpose of the offer and proposal is to reduce the company's gross debt and the associated gross and net interest expense, the company previously noted.

Man Strategic Holdings, formerly Man Group, is a London-based alternative investment management business.

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