Nickel Industries launches tender offer for 6˝% notes due 2024

By Marisa Wong

Los Angeles, April 11 – Nickel Industries Ltd. announced a cash tender offer for its $325 million outstanding Regulation S 6˝% notes due 2024 (ISIN: XS2325213689), according to a notice.

The company is offering to purchase the notes at 102 plus accrued interest.

The tender offer will have a maximum acceptance amount that will be no less than the aggregate principal amount of notes tendered with priority of acceptance (described below). The maximum acceptance amount will be announced after the expiration deadline.

The tender offer is subject to a new financing condition. The company announced on Tuesday a proposed issuance of new dollar-denominated senior notes due 2028,

Holders of the existing notes who participate in the tender offer and wish to subscribe for new notes can receive priority of acceptance in the tender offer through the use of unique reference number obtained from the dealer managers, subject to successful completion of the offering of new notes and completion of the tender offer.

Holders who wish to tender their notes but do not wish to subscribe for new notes can submit a tender-only instruction.

If the total amount tendered exceeds the offer cap, a scaling factor will be applied.

The tender offer expires at 11 a.m. ET on April 18.

Results will be announced on April 19.

Settlement is expected to be on or around April 21.

The information and tender agent is Morrow Sodali Ltd. (+44 20 4513 6933, +852 2319 4130; nickelindustries@investor.morrowsodali.com; https://projects.morrowsodali.com/nickelindustries).

The dealer managers are Merrill Lynch (Singapore) Pte. Ltd. (+852 3508 3514, +44 207 996 5420; dg.dcm_sea@bofa.com / DG.LM-EMEA@bofa.com) and Morgan Stanley & Co. International plc (800 624-1808; 212 761-1057, +44 207 677 5040, +852 2239 1484; debt_advisory@morganstanley.com).

The company said the purpose of the tender offer and the new notes issuance is to, among other things, extend the company’s debt maturity profile. The invitation also gives noteholders the opportunity to sell their current holdings in the notes and to subscribe for the notes, thereby extending their investment.

The nickel producer is based in Sydney, Australia. The company changed its name from Nickel Mines Ltd.

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