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International Distributions Services starts tender offer for 2024 notes
By Marisa Wong
Los Angeles, Sept. 1 – International Distributions Services plc is inviting holders of its outstanding €500 million 2.375% guaranteed notes due July 29, 2024 (ISIN: XS1091654761) to tender any and all of their notes for purchase for cash.
The issuer is offering to purchase the notes at 98.65 plus accrued interest.
Tenders must be delivered by 11 a.m. ET on Sept. 13.
Results will be announced on Sept. 14.
Settlement is expected to be on Sept. 18.
Concurrently with the announcement of the tender offer, the company also announced plans to issue a series of new euro-denominated fixed-rate notes and a potential series of new sterling-denominated fixed-rate notes, each to be guaranteed by Royal Mail Group Ltd., subject to market conditions.
Proceeds of the new notes will be used for general corporate purposes, including refinancing the existing 2024 notes.
The tender offer is conditioned on completion of the issuance of either or both series of new notes.
Holders who participate in the tender offer and wish to subscribe for the new notes may be given priority in allocation of the new notes.
The new issuance and the tender offer are intended to extend the group’s debt maturity profile and reduce its debt refinancing risk.
Notes purchased under the offer are expected to be canceled.
The dealer managers for the tender offer are BNP Paribas (+33 1 55 77 78 94; liability.management@bnpparibas.com); NatWest Markets plc (+44 20 7678 5222; NWMLiabilityManagement@natwestmarkets.com); UniCredit Bank AG (+49 89 378 15150; corporate.lm@unicredit.de).
The tender agent is Kroll Issuer Services Ltd. (attn.: David Shilson / Alessandro Zorza; +44 20 7704 0880; ids@is.kroll.com; https://deals.is.kroll.com/ids).
Formerly Royal Mail Ltd. and Royal Mail plc, London-based International Distributions Services provides postal and courier services.
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