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LONDON - The Bidvest Group (UK) Plc announced Tuesday that it has successfully completed a tender offer to repurchase its outstanding 3.625% Senior Notes due 2026, with holders tendering $291.7 million of the $478 million in outstanding notes.
The company will pay $994.50 per $1,000 principal amount for the tendered securities, plus accrued and unpaid interest up to the settlement date, which is expected to be September 18, 2025.
The tender offer, which expired on Monday at 5:00 p.m. New York City time, was part of Bidvest’s debt refinancing strategy. No tender instructions were submitted under the guaranteed delivery procedures described in the offer documents.
The repurchase was conditional upon Bidvest’s concurrent offering of new debt securities. The company has already priced $500 million in aggregate principal amount of 6.200% Senior Notes due 2032 on September 10, 2025.
The tender offer represents a significant debt restructuring for Bidvest, with the company repurchasing approximately 61% of the outstanding 2026 notes. The transaction allows the company to extend its debt maturity profile while adjusting to current interest rate conditions.
Absa Bank Limited, Citigroup Global Markets Limited, and Merrill Lynch International served as dealer managers for the tender offer, with Kroll Issuer Services Limited acting as the tender and information agent.
The information is based on a company press release statement.
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