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Amadeus begins tender offer for up to €150 million of 2027, 2028 notes
By Marisa Wong
Los Angeles, Sept. 14 – Amadeus IT Group, SA announced a tender offer for its €750 million outstanding 1.875% notes due Sept. 24, 2028 (ISIN: XS2236363573) and the €500 million outstanding 2.875% notes due May 20, 2027 (ISIN: XS2177555062).
Amadeus is offering to purchase up to €150 million aggregate principal amount of notes from both series.
The maximum acceptance amount is subject to priority acceptance levels and subject to the company’s right to modify that amount at its discretion.
The 2028 notes have priority in acceptance over the 2027 notes.
Pricing for the 2028 notes will be based on the June 2028 interpolated mid-swap rate and a purchase spread of 90 basis points and will be calculated using the first call date of June 24, 2028.
Pricing for the 2027 notes will be based on the February 2027 interpolated mid-swap rate and a purchase spread of 85 bps and will be calculated using the first call date of Feb. 20, 2027.
The company will also pay accrued interest.
The offer expires at 11 a.m. ET on Sept. 21.
The acceptance date is expected to be Sept. 22. Pricing will be set at or around 4 a.m. ET on that date.
Settlement will occur on Sept. 26.
If the tender cap is exceeded, notes may be accepted for purchase on a pro rata basis.
The company said the purpose of the offer is to decrease its gross debt and to optimize its balance sheet structure. In addition, the transaction will provide a degree of liquidity to holders whose notes are accepted in the offer.
BNP Paribas (+33 1 55 77 78 94; attn.: liability management group; liability.management@bnpparibas.com) is dealer manager for the offer.
Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: David Shilson; amadeus@is.kroll.com; https://deals.is.kroll.com/amadeus) is tender agent.
Further details can be obtained from the issuer (attn.: group treasury & corporate finance – debt issues; Ir@amadeus.com)
The issuer is a Madrid-based travel technology company.
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