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Adecco receives tenders for €337.85 million of notes, accepts all
New York, Dec. 1 – Adecco Refinancing BV said it received tenders for €152.25 million of its €500 million of outstanding 4.75% notes due April 13, 2018 and €185,579,000 of its €400 million of outstanding 2.75% notes due Nov. 15, 2019.
All the tendered notes will be accepted for purchase, according to a notice.
Adecco also announced pricing for the offer.
For the 4.75% notes it will pay 106.757% of par, and for the 2.75% notes it will pay 107.571% of par.
The company also will pay accrued interest.
Settlement has been set for Dec. 2.
Following completion of the tender, €347.75 million of the 4.75% notes will remain outstanding and €214,421,000 of the 2.75% notes.
The tender for the notes, which were issued by Adecco International Financial Services BV and guaranteed by Adecco Group AG, formerly known as Adecco SA, was announced on Nov. 23.
In conjunction with a new financing of €500 million of 1% notes due 2024, the offers were being made to optimize the group’s debt maturity profile and cost of capital, in line with its objectives, according to the company’s original announcement.
Adecco said it was tendering for any and all of the 4.75% notes using a purchase yield of negative 0.2% and for a capped amount of the 2.75% notes using a purchase yield of negative 0.05%.
In the capped offer, the company will purchase a principal amount of up to €500 million less the amount of 2018 notes tendered in the any-and-all offer.
The deadline for tendering was 11 a.m. ET on Nov. 30.
Societe Generale (+33 1 42 13 40 66 or liability.management@sgcib.com) and Natixis (+33 1 58 55 80 98 or liability.management-corporate@natixis.com) are the dealer managers. Lucid Issuer Services Ltd. (+44 20 7704 0880 or adecco@lucid-is.com) is the tender agent.
Adecco is Zurich, Switzerland-based provider of human resources services.
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