Vivendi tenders for 3.45%, 6.625%, 4.75% notes, calls 2.4% notes

By Jennifer Chiou

New York, Oct. 16 - Vivendi SA announced the start of its offer to purchase any and all of its $650 million of outstanding 3.45% notes due Jan. 12, 2018, $700 million of 6.625% notes due April 4, 2018 and $800 million of 4.75% notes due April 12, 2022.

The Paris entertainment company also said it will redeem all of its $550 million of 2.4% notes due 2015.

Vivendi announced the offer and redemption in a news release along with its divestment of over 85% in Activision Blizzard and the receipt of cash proceeds totaling $8.2 billion.

The tender offer will end at 5 p.m. ET on Oct. 23.

The company will determine the tender consideration using the 1.375% Treasury due Sept. 30, 2018 plus a spread of 105 basis points for the 3.45% notes, the 1.375% Treasury due Sept. 30, 2018 plus a spread of 130 bps for the 6.625% notes and the 2.5% Treasury due Aug. 15, 2023 plus a spread of 175 bps for the 4.75% notes.

Pricing will be determined at 10 a.m. ET on Oct. 23.

Settlement is anticipated for Oct. 25.

BofA Merrill Lynch (888 292-0700 or 980 683-3215; 44 20 7995 3715) and Deutsche Bank Securities (855 287-1922 or 212 250-7527; 44 20 7545 8011) are the dealer managers. D.F. King & Co., Inc. is the tender agent and information agent (800 758-5378, 212 269-5550 for banks and brokers, or fax 212 709-3328, attn: Elton Bagley; vivendi@dfking.com).

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