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Frances iQera offers to exchange or buy three outstanding notes
Chicago, Jan. 17 iQera Group SAS announced that it is offering to either buy or exchange notes from three outstanding series.
The notes covered by the tender offer and the exchange offer are the:
270 million outstanding 4Ό% senior secured notes due 2024 (ISIN: XS1685582105);
199.9 million outstanding 6½% senior secured notes due 2024 (ISIN: XS2239815777); and
100 million outstanding senior secured floating-rate notes due 2024 (ISIN: XS1885543691).
Both offers are conditioned on a new financing condition, a successful offering of senior secured floating-rate notes due 2027. The minimum size of the new issue needs to be 425 million.
Tender offer
The purchase prices for all three notes are par.
The offer will be capped, and the cap is expected to equal the amount of new notes that noteholders have expressed interest in and for which they have received an acceptance code in the tender offer.
Tender-only instructions, without expressions of interest in the new offering, will be accepted. Priority will be given go noteholders who express interest in the new offering.
Exchange offer
The same notes are subject to an exchange offer.
Exchanging noteholders will receive 1,000 in new senior secured floating-rate notes due 2027 for each 1,000 note tendered and a 50 cash consideration.
Details
The exchange notes and the new notes in the financing condition for the tender offer will be fungible and constitute a single issue.
Considerations will also include unpaid interest.
For Rule 144A holders to participate in either offer, they must first exchange their notes for Regulation S notes and then tender or exchange those Regulation S notes.
Noteholders may participate in the tender offer or the exchange offer, but not both.
Both offers expire at 11 a.m. ET on Jan. 23.
Settlement is expected for Feb. 7 for the exchange offer, the tender offer and the new notes.
Kroll Issuer Services Ltd. is the tender agent (+44 20 7704 0880, iqera@is.kroll.com, https://deals.is.kroll.com/iqera).
The lead dealer manager is J.P. Morgan SE (+44 20 7134 4353, Liability_management_EMEA@jpmorgan.com).
The dealer managers are BNP Paribas (liability.management@bnpparibas.com), KKR Capital Markets (Ireland) Ltd. (+353 1 4757499, +44 20 7484 5993, KCMFinanceUK@kkr.com), Natixis (+33 1 58 55 05 56, liabilitymanagement.eu@natixis.com) and Societe Generale (+33 1 42 13 32 40, liability.management@sgcib.com).
iQera is a Paris-based debt collector.
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