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Mubadala GE Capital gets early tenders for 88.95% of 3% notes due 2019
By Tali Rackner
Norfolk, Va., Dec. 1 – Abu Dhabi’s Mubadala GE Capital Ltd. said investors had tendered $444.74 million principal amount, or 88.95%, of its outstanding 3% senior notes due 2019 as of Nov. 30, the early tender date, according to a filing with the London Stock Exchange.
To receive the early payment, holders must have tendered their notes by 11 a.m. ET on Nov. 30 for Regulation S notes and by 5 p.m. ET on Nov. 30 for Rule 144A notes.
As previously reported, the company began the tender offer for its $500 million of notes on Nov. 16.
Mubadala also is asking noteholders to approve a measure that would allow the company to call all of the remaining notes after the tender offer on the settlement date, according to a company notice.
The early repurchase price in the tender offer will be 102.5% of par, and the repurchase price will be par.
The company also will pay accrued interest.
The tender offer will end at 10 a.m. ET on Dec. 15.
The company said it signed an agreement on Sept. 30 to be acquired by MidCap Finco Ltd. This sale follows plans by General Electric Co. to sell most of the assets of General Electric Capital Corp., the company noted.
The company said it is offering to repurchase the notes and call any remaining notes using proceeds of the MidCap deal with the intention of redeeming all its existing liabilities.
A noteholders meeting has been set for 9 a.m. ET on Dec. 15 in London.
Settlement is expected to occur on Dec. 17.
The dealer manager is Citigroup Global Markets Ltd. (+44 207 986 8986, 800 558-3745, 212 723-6106 or liabilitymanagement.europe@citi.com).
The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880, fax +44 20 7067 9098 or mgec@lucid-is.com).
Mubadala is a specialized finance company based in Abu Dhabi.
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