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KPN gets tenders for nearly all of Getronics' 5.5%, 2.75% and 3.875% convertibles
By Jennifer Chiou
New York, Oct. 15 - Royal KPN NV announced the receipt of tenders for 98.8% of Getronics NV's 5.5% unsubordinated convertible bonds due 2008, 99.1% of the 2.75% unsubordinated convertible bonds due 2010 and all of the 3.875% unsubordinated convertible bonds due 2014.
At the end of the offer, the company had received tenders for 10,698 of the 5.5% bonds, 2,973 of the 2.75% bonds and 1,901 of the 3.875% bonds.
The offer ended at 9 a.m. ET on Oct. 12, extended from Oct. 2. It began on Sept. 11.
Those who did not tender their securities may do so under the same terms until 9 a.m. ET on Nov. 5.
For each €1,000 principal amount of the 5.5% convertibles, the company will pay €1,040 in cash plus accrued interest. Of the €100 million issue, €10.87 million remains outstanding.
For each €50,000 principal amount of its €150 million 2.75% convertibles, the company will pay €50,500 in cash plus accrued interest.
For each €50,000 principal amount of the €95.05 million 3.875% convertibles, the company will pay €52,500 in cash plus accrued interest.
The settlement date is slated for Oct. 22.
The company also had a cash offer of €6.25 per share for Getronics, a 23% premium over the closing price on July 27, during which it received tenders from holders of 73,069,263 shares. The tendered shares together with the 36,650,694 shares held by KPN represent 89.5% of the total number of Getronics shares.
Getronics held a shareholders' meeting, which was open to bondholders, on Oct. 2.
Plans for the tenders were announced on July 30.
The company added that it intends to delist the shares and bonds, noting that it also expects to begin a squeeze-out procedure to acquire all shares.
KPN is a telecommunications company based in Amsterdam. Getronics is a communication technology company also based in Amsterdam.
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