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LONDON - Next (LON:NXT) Group plc announced Wednesday the indicative results of its cash tender offer for its £250 million 4.375 percent bonds due 2026, with bondholders tendering £136.43 million for repurchase.
The company expects to accept all validly tendered bonds without pro rata scaling, subject to the satisfaction or waiver of conditions including the New Issue Condition. The tender offer, which was announced on July 7, expired at 4:00 p.m. London time on Tuesday.
Pricing for the offer is expected to take place around 11:00 a.m. London time on Wednesday, after which Next Group will confirm whether it will proceed with the bond repurchase. If approved, the company will announce the final acceptance amount, benchmark security rate, purchase yield, and purchase price.
Settlement for the transaction is expected on July 17, according to the company’s press release statement.
The bonds being repurchased are guaranteed by NEXT plc, the parent company. Barclays (LON:BARC) Bank PLC and NatWest Markets Plc are serving as global coordinators and dealer managers for the offer, while Kroll Issuer Services Limited is acting as the tender agent.
The tender offer represents approximately 54.6 percent of the outstanding bond issue, which carries a 4.375 percent coupon rate and is set to mature in 2026.
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