NYSE Euronext holders tender €300,000 more 5.375% notes by offer's end

By Susanna Moon

Chicago, Oct. 17 - NYSE Euronext said holders had tendered €80.3 million, or 8.03%, of its €1 billion of outstanding 5.375% notes due 2015 by the time the offer ended at 11:59 p.m. ET on Oct. 16.

The company received €300,000 of notes since the early deadline, 11 a.m. ET on Sept. 27, when it received tenders €80 million, or 8%, of the notes, according to a press release.

The company waived the financing condition to the notes and settled the early tendered notes on Oct. 5, paying the total purchase price of €1,104.86 per €1,000 principal amount of notes tendered by the early deadline, the release noted.

Final settlement is slated for Oct. 18.

As noted before, the total purchase price includes a €30.00 early tender premium per €1,000 of notes.

Those who tendered after the early deadline will receive €1,074.86 per €1,000 of notes.

Holders also will receive accrued interest up to but excluding the payment date.

Pricing for the offer was set on the early tender date using the Bund OBL 1.75% notes due Oct. 9, 2015 plus 132 basis points. The reference yield was 0.114%.

NYSE Euronext began the cash tender offer for up to €250 million of its €1 billion outstanding 5.375% notes on Sept. 14, concurrently with a cash tender offer to purchase its outstanding $750 million 4.8% notes due 2013, with details laid out below.

If the amount of tendered 5.375% notes exceeded the offer cap, the notes would have been purchased on a pro rata basis.

Offer for 4.8% notes

As already noted, holders tendered $336,188,000, or 44.8%, of the 4.8% notes due 2013 by the end of the offer at 11:59 p.m. ET on Oct. 12.

Investors tendered $1,165,000 of the notes since the early tender deadline and, as noted on Sept. 28, $335,023,000, or 44.7%, of the 4.8% notes by the early tender deadline of 5 p.m. ET on Sept. 27.

The total purchase price for the 4.8% notes was $1,032.98 for each $1,000 of notes tendered by the early tender date, including a premium of $30.00 per $1,000 of notes.

Holders who tendered after the early deadline received $1,002.98 per $1,000 of notes.

As noted before, pricing for the 4.8% notes was set at 11 a.m. ET on Sept. 27 using the 0.375% U.S. Treasury notes due June 30, 2013 plus a fixed spread of 10 bps. The reference yield was 0.178%.

Holders also will receive accrued interest up to but excluding the payment date, which was Oct. 5 for all early tendered notes and Oct. 15 for the rest of the 4.8% notes.

The offers were conditioned on the completion of a new debt offering by the company, which has been satisfied. NYSE Euronext said it priced $850 million of new notes on Oct. 1.

The offers are not conditioned on the tender of any minimum amount of notes, and neither offer is conditioned on the closing of the other.

Bank of America Merrill Lynch (888 292-0070 or collect 980 683-3215), UBS Investment Bank (888 719-4210 or collect 203 719-4210) and Wells Fargo Securities LLC (866 309-6316 or collect 704 715-8341) are the dealer managers of the U.S. tender offer. Societe Generale Corporate and Investment Banking (212 278-6964 for U.S. persons, +33 1 58 98 45 81 for non-U.S. persons or e-mail liability.management@sgcib.com), Credit Agricole CIB (+44 20 7214 7408, +44 20 7214 6712 or e-mail steve.sahara@ca-cib.com, jonathan.blondeau@ca-cib.com) and Lloyds Bank (+44 20 7158 3981 or e-mail liability.management@lloydsbanking.com) are the dealer managers of the euro tender offer.

D.F. King & Co., Inc. (800 207-3158 or e-mail nyseeuronext@dfking.com) is the tender agent and information agent for the U.S. offer, and Lucid Issuer Services Ltd. (+44 20 7704 0880 or e-mail nyseeuronext@lucid-is.com) is the tender agent for the euro offer.

NYSE Euronext is a New York-based operator of financial markets and provider of trading technologies.

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