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SKF tenders for up to €300 million of three note series until Tuesday
By Susanna Moon
Chicago, May 10 – SKF AB began tendering for up to €300 million of three series of notes from Tuesday until 11 a.m. ET on May 16.
Specifically, the company is offering to purchase its €750 million 2.375% notes due 2020, which has priority over the other two note series, its €233.61 million of outstanding 3.875% notes due 2018 and its €265,853,000 of outstanding 1.875% notes due 2019.
Pricing for the 2.375% notes will be set at 6 a.m. ET on May 17 using the 2020 notes interpolated mid-swap rate plus 5 basis points.
For the second-priority notes, pricing will be set using a purchase yield of negative 0.15% for the 3.875% notes and of negative 0.05% for the 1.875% notes.
The purchase price for each €1,000 principal amount would be €1,040.64 for the 2018 notes and €1,044.44 for the 2019 notes based on a settlement date of May 22.
Holders also will receive accrued interest.
The tenders are being held “as part of the company's liability management and are aimed at optimizing its cost of debt and, furthermore, providing liquidity to those holders whose notes are accepted in the offers,” according to a company announcement.
Tender instructions must be submitted for a minimum principal amount of at least €100,000 and then in integrals of €1,000 after that.
The dealer managers are Deutsche Bank AG, London Branch (+44 20 7545 8011) and Nordea Bank AB (publ) (+45 55 47 42 53 or NordeaLiabilityManagement@nordea.com). The tender agent is Citibank, NA, London Branch (+44 20 7508 3867 or exchange.gats@citi.com).
SKF makes ball and roller bearings and sealing systems. The company is based in Gothenburg, Sweden.
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