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Prospect News home > News index > List of issuers R > Headlines for Royal Philips NV > News item
Published on 5/5/2022 in the Prospect News Investment Grade Daily and Prospect News Liability Management Daily.

Royal Philips prices any-and-all tender for three dollar-denominated notes

By Wendy Van Sickle

Columbus, Ohio, May 5 – Koninklijke Philips NV, or Royal Philips, announced pricing of its tender offers for any and all of three series of dollar-denominated notes, according to a news release.

The company will pay the following amounts per $1,000 principal amount of notes:

• For the $84,169,000 outstanding 7.125% series A debentures due 2025 (ISIN: US718337AB40), $1,100.06, which was determined using the 2.625% U.S. Treasury due April 15, 2025 plus 70 basis points;

• For the $63,285,000 outstanding 7.75% series B debentures due 2025 (ISIN: US718337AC23), $1,117.76, based on the 2.625% U.S. Treasury due April 15, 2025 plus 70 bps; and

• For the $136,515,000 outstanding 7.2% notes due 2026 (ISIN: US718337AE88), $1,128.65, based on the 2.5% U.S. Treasury due March 31, 2027 plus 75 bps.

Interest will also be paid to the settlement date.

Pricing took place at 10 a.m. ET on May 5.

The offer will expire at 5 p.m. ET on May 5, also the withdrawal deadline.

Settlement is expected for May 10.

There are guaranteed delivery procedures for the tender offer.

The tender was announced on April 28.

The tender offer is conditioned upon the successful issuance of the company’s new euro notes.

The company said the tender is intended to extend the company’s debt maturity profile.

BofA Securities Europe SA (980 387-3907, 888 292-0070, +33 1 877 01057, DG.LM-EMEA@bofa.com) and Mizuho Securities USA LLC (212 205-7736, 866 271-7403, +44 20 7090 6134, LiabilityManagement@uk.mizuhosc.com) are the dealer managers.

Kroll Issuer Services Ltd. (+44 20 7704 0880, philips@is.kroll.com, deals.is.kroll.com/philips) is the tender and information agent.

Royal Philips is a health technology company based in Amsterdam.


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