16th May 2019 12:17
LONDON (Alliance News) - Interdealer broker TP ICAP PLC said Thursday it has opened a tender offer to repurchase up to GBP80 million of a GBP500.0 million loan note.
The note under offer is TP ICAP's 5.25% note due 2024. The firm has offered to pay 104% of the principal for each note tendered.
The offer will open immediately and close next Thursday, and results are expected as soon as possible after next Friday.
"The purpose of the offer is to manage the company's debt profile," TP ICAP explained in a statement. "Notes purchased by the company pursuant to the offer are expected to be cancelled and will not be re-issued or re-sold."
Shares in TP ICAP were 1.8% higher at 278.50 pence on Thursday.
Related Shares:
TP ICAP