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Prospect News home > News index > List of issuers T > Headlines for Tenders 2006 > News item |
Corus Finance tenders for £150 million 11½% debentures
By Jennifer Chiou
New York, Feb. 1 - Corus Finance plc announced a tender offer for its £150 million of 11½% guaranteed debenture stock due 2016.
The offer ends at 11 a.m. ET on Feb. 10.
Corus said it will pay a price based on a yield spread of 90 basis points over the yield on the 4.75% Treasury stock due 2015 on the price determination date, expected to be Feb. 28.
The company is also soliciting consents to allow it to buy back the notes at a level calculated using a spread of 110 bps on the price determination.
Owners of the bonds will be asked to approve the change at a Feb. 24 meeting.
JPMorgan is dealer manager (contact Francis Burkitt (020 7155 4924); John Cavanagh (020 7742 7506) or Tim Waters (020 7155 8101)). Lloyds TSB Registrars is the tender and tabulation agent (01903 702604).
The London-based metal company said it is looking to improve its balance sheet and intends to use cash for the offer.
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