DSG repurchases £140 million 6 1/8% guaranteed bonds in tender offer

By Devika Patel

Knoxville, Tenn., July 26 - DSG international plc said it has conditionally accepted tenders to repurchase £140 million of its £300 million in 6 1/8% guaranteed bonds due 2012 on Aug. 2.

The bonds will be repurchased at £1,015 per £1,000 of bonds, plus accrued interest.

A total of approximately £198 million in bonds were tendered, so the company will repurchase the securities on a pro-rata basis.

Funding for the offer will come from DSG's issue of £150 million 8¾% guaranteed notes due Aug. 3, 2015, which priced July 26 at 99.007.

The tender and the new issue are aimed to extend the company's debt maturity profile and to enable it to extend its £360 million revolving credit facility to August 2013 from August 2012, according to a previous news release.

Barclays Bank plc (+44 20 7773 8990 or e-mail eu.lm@barcap.com, attn.: liability management group), BNP Paribas (+44 20 7595 8668 or e-mail liability.management@ bnpparibas.com), Citigroup Global Markets Ltd. (+44 20 7986 8969 or e-mail liabilitymanagement.europe@citi.com), HSBC Bank plc (+44 20 7991 5874 or e-mail liability.management@hsbcib.com) and Royal Bank of Scotland plc (attn: Andrew Burton, +44 20 7085 8056/4634 or e-mail liabilitymanagement@rbs.com) are dealer managers and bookrunners.

Lucid Issuer Services Ltd. (attn.: Lee Pellicci/David Shilson, +44 20 7704 0880, or e-mail dsg@lucid-is.com) is tender agent.

The offer expired July 22. It was announced July 15. Settlement is expected to occur on July 30.

DSG is a Hemel Hempstead, England-based electronics retailer.

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