12th Sep 2019 15:39
(Alliance News) - ITV PLC launched Thursday a tender offer to buy up to EUR500 million of its short-dated loan notes as the FTSE 100-listed media firm looks to extend the maturity of its debt.
ITV will buy up to EUR500.0 million of its EUR600.0 million outstanding 2.125% notes due 2022 and the EUR500.0 million 2.00% notes due 2023.
The validly tendered notes offered will only be acquired should ITV successfully complete a new series of euro-denominated fixed rate loan notes.
"The purpose of the offers and the proposed issue of the new notes is to extend the company's debt maturity profile in an efficient manner," ITV said in a statement.
"The company intends to cancel the notes purchased by it pursuant to the offers and such notes will therefore not be re-issued or re-sold," ITV added. "Notes which have not been validly offered and accepted for purchase pursuant to the offers will remain outstanding."
Shares in ITV were 3.1% lower at 121.70 pence in London on Thursday.
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