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Telia launches capped tender offers for securities due 2077, 2078
By Marisa Wong
Los Angeles, March 22 – Telia Co. AB announced tender offers for its outstanding €900 million subordinated fixed-rate reset six-year non-call capital securities due 2078 (ISIN: XS1590787799) and SEK 5 billion subordinated floating-rate 5.5-year non-call capital securities due 2077 (ISIN: S1590783533).
Telia is offering to purchase the securities for cash up to a maximum amount. The cap is conditioned on new financing. The issuer expects to set the maximum acceptance amount equal to the amount of the new securities.
The tender price for the 2078 securities will be based on the interpolated mid-swap rate and an offer spread of 60 basis points. The tender price for the 2077 securities will be fixed at 101.25.
For each series, if the amount tendered exceeds the series cap, then the securities will be accepted on a pro rata basis.
The issuer noted that holders who wish to subscribe for new securities in addition to participating in the tender offers may be given priority in the allocation of the new securities.
The offers expire at noon ET on March 29.
Pricing will be determined at or around 9 a.m. ET on March 30.
Settlement is slated for March 31.
Barclays Bank Ireland plc (eu.lm@barclays.com, +44 20 3134 8515) and Nordea Bank Abp (nordealiabilitymanagement@nordea.com, +45 6161 2996) are dealer managers for the tender offers.
Lucid Issuer Services Ltd. (+44 20 7704 0880, attn.: Harry Ringrose, telia@lucid-is.com, https://deals.lucid-is.com/telia) is the tender agent.
Telia is a telecommunications company based in Solna, Sweden.
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