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Oman Telecommunications offers to buy notes for up to $600 million
By Marisa Wong
Los Angeles, Oct. 4 – Oman Telecommunications Co. SAOG launched a cash tender offer for two series of notes issued by Oztel Holdings SPC Ltd.
The company is offering to purchase notes from the following series, listed in order of acceptance priority, for a total purchase price of up to $600 million:
• $900 million 6 5/8% secured notes due April 2028 (ISIN: US692733AB47, XS1805476659), with pricing to be based on the 4 1/8% U.S. Treasury due Sept. 30, 2027 and a fixed spread of 280 basis points; and
• $600 million 5 5/8% secured notes due October 2023 (ISIN: US692733AA63, XS1805474951), with pricing to be based on the 4¼% U.S. Treasury due Sept. 30, 2024 and a fixed spread of 190 bps.
The company is offering an early tender payment of $30 per $1,000 principal amount of notes tendered by the early tender deadline.
In addition, holders whose notes are accepted for purchase will receive accrued interest.
Tenders may be subject to proration.
The offer is subject to a financing condition.
Timing
The early tender deadline is 5 p.m. ET on Oct. 18, which is also the withdrawal deadline.
The early tender results will be announced prior to pricing of the offer.
Pricing will be determined at or around 10 a.m. ET on Oct. 19. Pricing and early acceptance will be announced soon after that.
Early settlement is expected to be on Oct. 24.
The offer will expire at 11:59 p.m. ET on Nov. 1.
Final results will be announced on Nov. 2.
Final settlement is slated for Nov. 3.
Kroll Issuer Services Ltd. (liability_management@sc.com; +44 20 7885 5739, 212 667-0351; https://deals.is.kroll.com/oztel) is the tender and information agent.
Citigroup Global Markets Ltd. (liabilitymanagement.europe@citi.com;+44 20 7986 8969, 800 558-3745, 212 723-6106), HSBC Bank plc (liability.management@hsbcib.com; +44 20 7992 6237, 888 HSBC-4LM, 212 525-5552) and Standard Chartered Bank (liability_management@sc.com; +44 20 7885 5739, 212 667-0351) are the dealer managers.
The telecommunications company is based in Muscat, Oman.
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