Adecco begins tender offer for up to €150 million of 1% notes due 2024

By Marisa Wong

Los Angeles, Nov. 28 – Adecco International Financial Services BV is inviting holders of its outstanding €500 million 1% notes due Dec. 2, 2024 (ISIN: XS1527526799) to tender their notes for purchase for cash, according to a press release.

Adecco is offering to purchase up to €150 million nominal amount of the notes.

The purchase price will be calculated using the one-year mid-swap rate and a purchase spread of negative 20 basis points.

The company will also pay accrued interest.

Tenders may be subject to proration.

Tenders will be irrevocable except in limited circumstances.

The offer expires at 11 a.m. ET on Dec. 5.

Pricing will take place at or around 5 a.m. ET on Dec. 6. Indicative results will be announced prior to that time, and final results will be announced after the pricing time.

Settlement is expected to be on Dec. 8.

The dealer managers are Barclays Bank Ireland plc (+44 20 3134 8515; eu.lm@barclays.com) and Standard Chartered Bank AG (+44 20 7885 5739, +852 3983 8658, +65 6557 8286; liability_management@sc.com).

The tender agent is Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Jacek Kusion; adecco@is.kroll.com; https://deals.is.kroll.com/adecco).

Further details can be obtained from the company’s investor relations contact (Benita.Barretto@adeccogroup.com).

The issuer is a financial services company under the Adecco Group, a Zurich-based human resources company.

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