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Old Mutual tenders for perpetual preferreds, seeks call consents
By Susanna Moon
Chicago, Jan. 10 – Old Mutual plc is tendering for its £273,203,000 of outstanding £350 million perpetual preferred callable securities as well as soliciting consents to call any remaining notes.
The total purchase price will be 106 for notes tendered by the early deadline of 11 a.m. ET on Jan. 18 and 103 for any remaining tenders.
The total amount includes an early tender premium of 3%.
The tender offer will end at 11 a.m. ET on Jan. 30.
Holders also will receive accrued interest.
Old Mutual is making offer to use “available liquidity to manage the company’s debt maturity profile” by reducing its debt and cutting interest costs as well as to provide liquidity to the holders, according to a company announcement.
Holders who give tender instructions will be ineligible to submit voting-only instructions or to receive the early consent amount, and holders who send voting-only instructions may not submit tender instructions or receive the early tender amount, the release noted.
By tendering notes in the offer, holders are automatically instructing the principal paying agent to appoint one or more representatives of the tender agent as their proxy to vote for the extraordinary resolution at the meeting.
The noteholders meeting has been scheduled for 11 a.m. ET on Feb. 1 in London.
The quorum required for the meeting is one or more persons holding at least two-thirds of the principal amount of the outstanding notes.
The dealer managers are Merrill Lynch International (+44 20 7996 5420 or DG.LM_EMEA@baml.com) and Nedbank Ltd., London Branch (+44 20 7002 3420 or liability.management@nedbank.co.uk). The tender agent is Lucid Issuer Services Ltd. (+ 44 20 7704 0880 or oldmutual@lucid-is.com).
Old Mutual is a London-based financial services company.
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