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Sato tender for 2.25%, 2.375% notes oversubscribed; lifts tender cap
By Sarah Lizee
Olympia, Wash., May 28 Sato Corp. announced on Monday the final results of its cash tender offer for up to 300 million of its 300 million of 2.25% notes due September 2020 and its 300 million of 2.375% notes due March 2021.
As of the expiration at 10 a.m. ET on May 24, 239,963,000 of the 2020 notes and 281,691,000 of the 2021 notes had been validly tendered under the offer.
Sato said it decided to set the final acceptance amount for both series of notes at 349,999,000. The company will accept for purchase 199,999,000 of the 2020 notes and 150 million of the 2021 notes validly tendered under the offer, subject to the applicable proration factors.
The purchase price for the 2.25% notes is 102.524, and the purchase price for the 2.375% notes is 103.885.
The proration factor for the 2020 notes is 82.7499%, and the proration factor for the 2020 notes is 52.6723%.
The settlement date is May 31.
Following settlement, 100,001,000 of the 2020 notes will remain outstanding and 150 million of the 2021 notes will remain outstanding.
As previously reported, as part of the refinancing transaction, the issuer may issue new euro-denominated senior notes, the net proceeds of which will be used, among other things, to purchase notes under the tender offer.
The tender offer is conditioned on the issuance of the new notes.
The purpose of the offer is to proactively manage the issuers debt redemptions and to extend the debt maturity profile of the issuer.
Nordea Bank Abp (+45 55 46 90 82, +45 55 47 58 95 or NordeaLiabilityManagement@nordea.com) is the dealer manager.
Sato is a rental housing provider based in Helsinki, Finland.
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