Bidvest Group launches tender offer for 2026 senior notes

LONDON - Bidvest Group (UK) Plc announced Monday it has commenced a cash tender offer to purchase any and all of its outstanding 3.625% Senior Notes due 2026, offering holders $994.50 per $1,000 principal amount of securities.

The tender offer, which expires at 5:00 p.m. New York City time on September 15, 2025, targets $478 million in outstanding notes that mature on September 23, 2026. The notes are guaranteed by The Bidvest Group Limited.

According to the company’s statement, the purpose of the offer is to refinance a portion of existing debt and proactively manage Bidvest’s debt maturity profile. The company plans to fund the purchase with proceeds from a concurrent offering of new USD-denominated senior debt securities announced the same day.

Holders who tender their securities will receive the purchase price plus accrued and unpaid interest from the last interest payment date up to, but not including, the settlement date, which is expected to be September 18, 2025.

The tender offer is subject to certain conditions, including a financing condition requiring successful completion of the new notes offering. Securities may be withdrawn at any time before 5:00 p.m. New York City time on September 15, 2025.

Bidvest indicated it will consider whether investors seeking allocation of the new notes have tendered or expressed intention to tender existing securities when determining new note allocations, potentially giving preference to such investors.

The tender offer is being managed by Absa Bank Limited, Citigroup Global Markets Limited, and Merrill Lynch International as dealer managers, with Kroll Issuer Services Limited serving as the tender and information agent.

Securities purchased in the offer will be retired and cancelled, while those not tendered will remain outstanding after the settlement date.

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