Abu Dhabi’s Mubadala holds one-week tender for 3¼% notes, 5½% notes

By Susanna Moon

Chicago, Oct. 23 – Mubadala Development Co. PJSC’s MDC - GMTN BV is tendering for its $750 million of 3¼% notes due 2022.

Meanwhile, BNP Paribas is offering to purchase MDC’s $750 million of 5½% notes due 2021 guaranteed by Mubadala.

The tender offers will end at 11 a.m. ET on Oct. 30.

The purchase price will be 105.25 for the 5½% notes and 99.25 for the 3¼% notes, along with accrued interest.

The purchase amount will be equal to the proceeds of a new issue of notes by MDC - GMTN and guaranteed by Mubadala, with pricing to be Oct. 31, according to an announcement.

After the merger with International Petroleum Investment Co. PJSC and as part of the company's overall debt strategy, Mubadala aims “to proactively manage the maturity profile of its existing debt by extending this maturity profile through the issuance of the new notes and the repurchase of the 2021 notes and the 2022 notes,” the release said.

BNP Paribas plans to exchange any 2021 notes purchased under the offer for new notes. plans to cancel any 2022 notes purchased in the offer and any 2021 notes received from BNP Paribas in exchange for new notes, the release noted.

Settlement is expected to occur on Nov. 1 for the 2021 notes and on Nov. 7 for the 2022 notes.

When considering the allocation of the new notes, the companies plan to give preference to noteholders who tender in the offers and who subscribe for new notes but are not obliged to do so.

BNP Paribas (+44 20 7595 8668 or liability.management@bnpparibas.com) and Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com) are the global coordinators. BNP Paribas (+44 20 7595 8668 or liability.management@bnpparibas.com), Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com), First Abu Dhabi Bank PJSC (+971 2 611 1693 or DCM&FIS@bankfab.com), Natixis (+33 1 58 55 08 14 or liability.management-corp@natixis.com) and Standard Chartered Bank (+44 20 7885 5739/+971 4508 4412/+65 6596 8807 or liability_management@sc.com) are the dealer managers.

Lucid Issuer Services Ltd. (+44 20 7704 0880 or mdc@lucid-is.com) is the tender agent.

Mubadala is an Abu Dhabi-owned holding 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.