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LONDON - Imperial Brands (OTC:IMBBY) Finance PLC announced Wednesday it will increase the maximum acceptance amount for its tender offer of GBP notes from £275 million to £311.68 million, according to a company press release.
The tobacco company’s finance arm is conducting tender offers for its outstanding $750 million 3.500% Notes due 2026 and £500 million 5.500% Notes due 2026. The early tender deadline was Tuesday, July 8, with the company receiving $511.89 million in U.S. dollar notes and £311.68 million in GBP notes.
Imperial Brands Finance intends to accept all GBP notes tendered by the early deadline, while U.S. dollar notes will be subject to a scaling factor of 0.750190, as the offer was oversubscribed. The company will accept $350 million of the dollar notes tendered.
The early tender offer consideration is $990.28 per $1,000 for the dollar notes and £1,011.67 per £1,000 for the GBP notes, which includes the early tender premium of $50 and £50 respectively.
Settlement for notes accepted for purchase is expected on Friday, July 11. After the transactions, $400 million of the dollar notes and £188.32 million of the GBP notes will remain outstanding.
Although the offers officially expire on July 23, no additional notes tendered after the early deadline will be accepted as the maximum acceptance amounts have been reached.
The tender offers are being managed by Merrill Lynch International, Santander (BME:SAN) US Capital Markets LLC, and Wells Fargo (NYSE:WFC) Securities, LLC, according to the company statement.
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