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LONDON - Imperial Brands (OTC:IMBBY) Finance PLC announced Tuesday it has commenced cash tender offers to purchase up to $350 million of its outstanding $750 million 3.500% Notes due 2026 and up to £275 million of its £500 million 5.500% Notes due 2026.
The tobacco company said the tender offers are part of a refinancing strategy aimed at extending its debt maturity profile. The offers will run alongside a planned issuance of new debt securities.
Noteholders who tender their securities by the early tender deadline of July 8 will receive the "Early Tender Offer Consideration," which includes a premium of $50 per $1,000 principal amount for dollar notes and £50 per £1,000 for pound notes. Those who tender after the early deadline but before the final July 23 deadline will receive a lower consideration without the premium.
The company stated that if the early tender period is oversubscribed beyond the maximum acceptance amounts, it will accept notes on a pro-rata basis and will not accept any notes tendered after the early deadline.
Imperial Brands also announced that holders of dollar notes who tender their securities and wish to subscribe to the new notes offering may receive priority allocation in the new issuance, though this is at the company’s discretion.
The offers are contingent upon several conditions, including the successful completion of the company’s planned offering of new U.S. dollar-denominated fixed-rate notes.
Merrill Lynch International, Santander (BME:SAN) US Capital Markets LLC, and Wells Fargo (NYSE:WFC) Securities LLC are serving as dealer managers for the offers.
The information is based on a press release statement from Imperial Brands Finance PLC, which noted that purchased notes will be retired and cancelled.
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