Man Strategic begins tender offer for €216 million 6% notes due 2015

By Susanna Moon

Chicago, March 26 - Man Strategic Holdings Ltd., formerly Man Group plc, said it began a cash tender offer for €216,165,00 of its outstanding €600 million of 6% notes due 2015.

The company also is seeking to amend the notes to allow the company to redeem all of the remaining notes after the offer ends, according to a press release. A meeting will be held for noteholders on April 18 in London.

The purchase price will range from 107% of par to 110% of par depending on whether the company secures approval to amend the notes, the release noted.

If the proposal fails to go through, the company will pay a purchase price of 107% of par plus an early tender payment of 2% to holders who tender by the early tender deadline of 11 a.m. ET on April 11.

If the proposal is adopted, holders will receive the purchase price of 107% of par, the 2% early payment plus the proposal payment of 1%.

To participate, holders must tender their notes by 11 a.m. ET on April 15.

The company also will pay accrued interest.

Settlement is expected April 23.

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 said in the release.

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

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