6th Jul 2021 11:17
(Alliance News) - Investec PLC and Ltd on Tuesday announced the launch of its tender offer to repurchase GBP400 million of its 4.500% notes due 2022.
The Anglo-South African financial services firm will purchase the notes at a price which will be determined by dealer managers Citigroup Global Markets Ltd, ING Bank NV and JP Morgan Securities PLC on Wednesday next week, the day before the offer's deadline.
Investec will also pay an accrued interest payment for all notes purchased in relation to the offer.
In addition, the group will also issue a set of new notes, a set of sterling-denominated callable fixed rate resettable senior notes, with the proceeds going towards general corporate purposes and funding the tender offer.
The purpose of both transactions is to improve Investec's debt profile and optimise its future interest expense.
Shares in Investec were up 0.9% at 294.50 pence on Tuesday in London, while in Johannesburg, its PLC shares were 0.8% higher at ZAR58.03, and its Ltd shares were up 0.9% at ZAR55.52.
By Dayo Laniyan; [email protected]
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