28th Jan 2021 12:09
(Alliance News) - Supermarket chain Tesco PLC on Thursday reported indicative results from tender offers for its euro and sterling denominated notes.
On January 19, Tesco invited holders of its EUR750.0 million 2.500% notes due 2024 and EUR600.0 million 5.125% notes due 2047 to tender them under a cash offer.
Tesco also made offers for its GBP900.0 million 6.125% notes due 2022; GBP515.0 million 5% notes due 2023; GBP200.0 million 6% notes due 2029; GBP200.0 million 5.50% notes due 2033; GBP300.0 million 4.875% notes due 2042; and GBP500.0 million 5.20% notes due 2057.
All offers expired Wednesday this week.
For the euro-denominated 2024 notes, the indicative series acceptance amount was EUR276.9 million and for the 2047 notes this amount was EUR121.0 million. The 2047 notes were the highest priority for Tesco.
For the sterling notes, the indicative series acceptance amount was nothing. It was GBP21.7 million for the 2023 notes, GBP9.9 million for the 2029 notes, GBP42.1 million for the 2033 notes, GBP6.0 million from the 2042 notes, and GBP15.8 million for the 2057 notes.
Tesco pointed out that, after successfully completing the issue of EUR750.0 million 0.375% sustainability-linked notes due 2029 on Wednesday, the new financing condition for its note repurchase has been satisfied.
Tesco plans to increase the aggregate consideration amount to be higher than the new notes proceeds amount less its US tender offer amount. It made a cash offer for any and all outstanding dollar notes on January 19, which was not conditional.
Shares in Tesco were up 0.7% at 246.52 pence in London on midday Thursday.
By Anna Farley; [email protected]
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