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SigmaRoc announces tender offer for 6% convertible loan notes
By Sarah Lizee
Olympia, Wash., Dec. 28 – SigmaRoc plc is proposing to refinance its £10 million 6% convertible unsecured loan notes due January 2022 by way of a tender offer, according to a notice.
The tender offer will be made at a price of £1.05 per note, representing a 5% premium.
Notes validly tendered and accepted for purchase by the company will be at the purchase price plus accrued interest of £0.00378 per note for the period from Jan. 1 to the settlement date of Jan. 23.
In addition, the company will pay interest due to Dec. 31, representing £0.03 per note in the normal manner by Dec. 31 to all holders.
Should the tender offer be completed, the total cash payments to noteholders will total £1.08378 per note.
Noteholders who wish to tender their notes should deliver their instructions by no later than 11 a.m. ET on Jan. 16.
The issuer is also seeking holder approval of a written resolution to sanction the proposed purchase of all the notes and, where any holder does not complete a tender instruction by Jan. 16, to authorize any director of the company to execute a tender instruction for and on behalf of any noteholder.
The written resolution will be passed if signed by holders together holding not less than 75% of the principal amount of the notes outstanding.
The company said its board is of the opinion that the tender offer provides an opportunity to reduce the company’s medium- to long-term costs of funding.
The company expects to finance the tender offer from the partial proceeds of new banking facilities to be entered into with Santander UK plc, with the balance to be satisfied from existing cash.
SigmaRoc is a London-based buy-and-build construction materials group.
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