Borregaard: Borregaard ASA contemplating bond buy-back
October 25 2016 - 2:50AM
Borregaard ASA (the "Company") is contemplating a
buy-back of up to NOK 200 million nominal amount of the bond issue
BRG01 (ISIN: NO0010704117) for cash management purposes.
Outstanding nominal amount is presently NOK 400 million, and the
bond issue matures on 26 February 2019.
The buy-back will be conducted as a "reverse Dutch
auction", where the Company, through the Managers, will receive
sale offers for both volume(s) and price(s) from bondholders on a
confidential basis.
All bondholders (subject to legal constraints, if
any) are hereby invited to provide offers for sale of all or a
portion of their bond holdings in BRG01 through submission of the
attached bondholder's offer form (the "Bondholder's Offer Form").
Offers of bonds may not be withdrawn prior to the Company's
deadline for acceptance.
Due date for submission of the Bondholder's Offer
Form is set to 16:00 CET 26 October 2016. No submissions after this
time will be valid.
The Company's deadline for acceptance is at 09:00
CET 27 October 2016.
Prior to the Company's acceptance deadline, the
Company will decide upon which volume it will accept to buy back
(if any), and the corresponding buy-back price (the "Buy-Back
Price"). Buy-Back Price will be fixed as the highest price that
clears the volume the Company decides to buy.
All bondholders with offers equal to the Buy-Back
Price, or lower, will receive the Buy-Back Price on the volume the
Company accepts to buy back at this price. In the event that the
total volume offered exceeds the maximum volume the Company chooses
to accept, a pro rata scale back will take place among the
bondholders which have offered their bond holdings at the Buy-Back
Price. For the avoidance of doubt, bondholders who offer their bond
holdings at a price lower than the fixed Buy-Back Price will
receive full volume allocation at the Buy-Back Price, while
bondholders who offer their volume at the Buy-Back Price may get a
scale back of their offered volume.
Settlement date for this potential buy-back of
bonds, including accrued interest, will be 31 October 2016.
DNB Markets and SEB are acting as Managers for the
buy-back offer.
In the attached Bondholder's Offer Form further
details and restrictions related to the offer are stated. Each
bondholder must on its own consider if it is covered by any
restrictions that hinders it from participating in the offer.
The Bondholder's Offer Form is to be sent by
e-mail to DNB Markets, Syndicate and/or SEB, Debt Capital Markets
no later than 16:00 CET 26 October 2016, represented by:
DNB
Markets
Jan Krogh-Vennemo,
Tel: +47 24 16 90 15 |
|
SEB
Petter Andreassen,
Tel: +47 22 82 72 11 |
email:
jan.vennemo@dnb.no |
|
email:
petter.andreassen@seb.no |
The Company may, at its sole discretion, amend,
extend, terminate or withdraw the offer at any time until the time
of expiry of this offer. Any prospective changes to this offer will
be announced on www.stamdata.no.
Attachment: Bondholder's Offer Form
For further information, please contact:
Borregaard ASA
Per Bjarne Lyngstad, CFO,
Tel: +47 95 24 45 15
This information is subject to the disclosure
requirements pursuant to Section 5-12 of the Norwegian Securities
Trading Act.
Bondholder Offer Form
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Borregaard via Globenewswire
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