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Auchan launches capped tender offer for five series of notes
By Wendy Van Sickle
Columbus, Ohio, Nov. 17 – Auchan Holding began a tender offer for up to €1 billion of five series of its notes, according to a notice.
The notes covered include the following, listed in order of acceptance priority:
• The outstanding €402.7 million of 1.75% notes due April 23, 2021 (ISIN: FR0011859396) for a tender yield of negative 0.35% and a price of 100.85 if the settlement date is Nov. 27;
• The outstanding €599.3 million of 2.375% notes due Dec. 12, 2022 (ISIN: FR0011372622) for a tender yield of negative 0.3% and a price of 105.485 if the settlement date is Nov. 27;
• The outstanding €512.6 million of 2.25% notes due April 6, 2023 (ISIN: FR0011462571) for a tender yield of negative 0.05% and a price of 105.424 if the settlement date is Nov. 27;
• The outstanding €1 billion of 2.625% notes due Jan. 30, 2024 (ISIN: FR0013399060) for a spread of 55 basis points above mid-swaps; and
• The outstanding €1 billion of 2.375% notes due April 25, 2025 (ISIN: FR0013416146) for a spread of 75 bps above mid-swaps.
The company said it may increase or decrease the target acceptance amount of €1 billion. Tenders may be accepted on a pro rata basis.
The offer will end at noon ET on Nov. 24.
Pricing for the January 2024 notes and April 2025 notes will be set at 6 a.m. ET on Nov. 25.
The company will also pay accrued interest.
Settlement is expected on Nov. 27.
Credit Agricole CIB (+44 20 7214 5733 or liability.management@ca-cib.com), Credit Industriel et Commercial, SA (+33 1 40 16 26 45 or liabilitymanagement@cic.fr), Banco Santander, SA, London Branch (+44 20 7756 6909, +44 20 7756 6227 or Tommaso.GrosPietro@santanderCIB.co.uk) and ING Bank NV, Belgian Branch (+44 20 7767 6784 or liability.management@ing.com) are the dealer managers.
BNP Paribas Securities Services (+33 1 57 43 10 77 or paris.bp2s.information.agent@bnpparibas.com) is the information agent.
The food retailer is based in Croix, France.
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