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IHS Netherlands tenders for any-and-all $800 million 9½% notes
By Sarah Lizee
Olympia, Wash., Sept. 3 – IHS Netherlands Holdco BV is tendering for any and all of its outstanding $800 million 9½% senior notes due 2021, according to a notice.
The offer will expire at 11:59 p.m. ET on Oct. 24.
Holders who tender their notes by 5 p.m. ET on Sept. 16 will be eligible to receive the early tender premium, which is $5 per $1,000 of notes.
The total consideration is $1,028.75 per $1,000 of notes, which includes the early tender premium.
Holders will also receive accrued interest.
Early settlement is expected for Sept. 18, and final settlement is expected for Oct. 28.
Tender instructions must be submitted in respect of a principal amount of notes of no less than the minimum denomination, being $200,000, and may be submitted in integral multiples of $1,000 onwards.
The tender offer is subject to a financing condition. The issuer said it intends to offer new dollar-denominated senior notes and enter into a new credit facility.
Noteholders who wish to subscribe for new notes in addition to tendering existing notes may receive priority in the allocation of the new notes.
The company said the purpose of the tender offer is to proactively manage its overall debt redemptions and extend the debt maturity profile, as well as to consolidate and simplify its existing overall debt.
Additionally, the company gave a conditional notice that it will redeem any remaining outstanding notes on Oct. 28 at 102.375 plus accrued interest. Accordingly, holders who don’t tender their notes will have their notes redeemed.
Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com), Goldman Sachs International (+44 20 7552 6157 or liabilitymanagement.eu@gs.com) and Standard Chartered Bank (liability_management@sc.com) are acting as dealer managers, and Lucid Issuer Services Ltd. (+44 20 7704 0880 or ihs@lucid-is.com) is acting as tender agent.
IHS Markit is a London-based business information and analytics company.
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