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Next tenders for £206.3 million 5.25% bonds, £250 million 5.875% bonds
By Jennifer Chiou
New York, May 13 - Next plc announced an invitation to holders to tender any and all of the outstanding £206,297,000 of its original £300 million of 5.25% bonds due Sept. 30, 2013 and a to-be-determined amount of its £250 million of 5.875% bonds due 2016.
The tender offer will end at 11 a.m. ET on May 19. The withdrawal deadline is at 7 a.m. ET on the same date.
The company said it will determine the payouts using the 4.5% U.K. Treasury Gilt due 2013 plus a spread of 125 basis points for the 5.25% bonds and the 4% U.K. Treasury Gilt due 2016 plus 175 bps for the 5.875% bonds.
Next added that it will pay accrued interest as well.
In other news, the company announced plans to offer new sterling-denominated bonds.
Holders who wish to subscribe for the new securities in addition to tendering their existing bonds will receive priority in the allocation of the new bonds, according to a news release.
Specifically, holders will be able to subscribe for the new bonds in an amount equal to their tally of tendered bonds. The settlement date for the new bonds and the tender offer is anticipated for May 26.
Holders interested in participating in the new issue should contact and make an application to the dealer managers: Barclays Bank plc (44 20 7773 8575 or eu.lm@barcap.com) or the Royal Bank of Scotland plc (44 20 7085 3781/8056 or liabilitymanagement@rbs.com, attn: Gianmarco Deiana, Andrew Burton and Kyle McLoughlin).
The tender agent is Lucid Issuer Services Ltd. (44 20 7704 0880 or nextplc@lucid-is.com; attn: David Shilson and Sunjeeve Patel).
In February, the company repurchased £8,082,000 of the 5.25% bonds.
The company said the offers are meant to lengthen its debt maturity profile and take advantage of favorable market conditions.
Next is a Leicester, England-based retailer offering fashion and accessories for men, women and children, along with a range of homewares.
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