| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Tenders 2012 > News item |
ITV tenders for 10% notes at 117.5, two other series via Dutch auction
By Susanna Moon
Chicago, June 18 - ITV plc said it began tender offers for its outstanding €187,873,000 10% notes due 2014, £425 million series 2005-1 5.375% notes due 2015 and £250 million series 2006-1 6.125% notes due 2017.
The company will pay 117.5% of par for the 10% notes and set pricing for the other two series of notes by modified Dutch auction, according to a press release.
The minimum price will be 104.25 for the 5.375% notes and 108.25 for the 6.125% notes.
Holders also will receive accrued interest.
The offer will end at 11 a.m. ET on June 25.
Pricing will be set soon after the offer ends, and it will be announced on June 26. Settlement is slated for June 28.
The company said that if it decides to accept any 5.375% notes or 6.125% notes, the total amount will be an amount of up to £250 million less the amount of 10% notes accepted, converted into sterling.
Notes may be tendered on a non-competitive or competitive basis. Notes tendered on a non-competitive basis will be deemed to have specified the minimum purchase price. For competitive tenders, purchase prices may only be specified in increments of 0.25%, or it will be rounded down.
The minimum tender amount is €50,000 for the 10% notes or £50,000 for the sterling notes, and holders may submit notes after that in integral multiples of €1,000 or £1,000, as applicable.
Lloyds TSB Bank plc (+44 20 7158 3981, attn: liability management group, or e-mail liability.management@lloydsbanking.com) and Royal Bank of Scotland plc (+44 20 7085 5991, attn: liability management group, e-mail liability.management@rbs.com) are the dealer managers. Lucid Issuer Services Ltd. (+44 20 7704 0880, attn: Thomas Choquet, e-mail itv@lucid-is.com) is the tender agent.
The offers are made in order to reduce the company's debt and reduce future interest expenses, according to the company's release.
Notes purchased under the offer will be canceled.
ITV is a London-based media company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.