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Sandvik accepts €199.25 million 6.875% notes for tender; sets pricing
By Toni Weeks
San Diego, Sept. 29 - Sandvik AB said it accepted for tender €199,248,000 of its outstanding €600 million of 6.875% notes due Feb. 25, 2014, according to a company announcement with the London Stock Exchange.
As previously reported, Sandvik initiated a tender offer on Sept. 22 for up to €200 million of the notes. As of the expiration date, 11 a.m. ET on Sept. 28, noteholders had validly tendered €318,673,000 of the notes. Because the amount tendered was greater than the cap, Sandvik selected the notes for purchase using a pro ration factor of 0.628.
Sandvik will purchase the notes at 111.376 plus accrued interest on the expected settlement date of Oct. 11. The company also announced the interpolated mid-swap rate of 1.573% and the repurchase yield of 1.923%, which were both set at pricing on Sept. 29.
Following the completion of the tender offer, €400,752,000 of the notes will remain outstanding.
The tender offer is conditioned on the issue of new euro-denominated fixed-rate notes, the company said in a Sept. 22 announcement with the London Stock Exchange. It also said that the purpose for the offer was to proactively manage the company's debt maturity profile.
J.P. Morgan Securities Ltd. (attn: corporate syndicate / liability management, e-mail emea-lm@jpmorgan.com / corp_syndicate@jpmorgan.com), Skandinaviska Enskilda Banken AB (attn: Niklas Lindkvist, e-mail: liabilitymanagement@seb.se) and Royal Bank of Scotland plc (attn: liability management, e-mail: liabilitymanagement@rbs.com) are the dealer managers for the tender offer and joint lead managers for the offering of the new fixed-rate notes.
Citibank, NA, London Branch (attn: exchange team - agency and trust, e-mail exchange.gats@citi.com) is the tender agent.
Sandvik AB is an engineering company based in Sandviken, Sweden.
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