The transaction is a further step in safeguarding a sustainable future for PostNL. It is part of PostNL's stated financial policy to use proceeds from a sale of the stake in TNT Express on reducing debt and improving PostNL's financial ratios to re-establish a BBB+/Baa1 credit rating.
Further announcements will be made as soon as possible following completion of the Placement.
The Placement will be effected through a private placement to institutional investors on PostNL's behalf by Deutsche Bank AG, London Branch and Goldman Sachs International (together the "Bookrunners"). The offer price will be agreed by PostNL and the Bookrunners following an accelerated bookbuilding process, which starts immediately.
PostNL has agreed with the Bookrunners that it will not, for a period of at least 180 days following completion of the Placement, make any further disposals from its remaining holding in TNT Express.
Note to editors:
- Prior to the Placement PostNL holds 29.8% of the outstanding share capital of TNT Express as a result of the demerger of TNT Express from TNT in May 2011. The stake was intended to be a financial shareholding to cover equity and funding requirements of PostNL. The stake is governed by a relationship agreement between PostNL and TNT Express dated 24 February 2013, which provides for conditions applicable to the sell-down of the stake.
- After completion of the Placement, PostNL's stake in TNT Express is expected to be approximately 14.8% of the outstanding share capital of TNT Express.
These materials may not be published, distributed or transmitted in the United States, Canada, Australia or Japan, or any other jurisdiction in which the distribution or release would be unlawful.. These materials do not constitute an offer of securities for sale or a solicitation of an offer to purchase securities (the "Shares") of TNT Express N.V. (the "Company") in the United States or any other jurisdiction.
The Shares of the Company may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"). The Shares of the Company have not been, and will not be, registered under the Securities Act.
PostNL is the inventive partner in the world of sending and receiving. We have been so for 200 years already. We are primarily active in the fields of mail, parcels and e-commerce, but we also offer services in the areas of data and document management, direct marketing and fulfilment. Outside the Netherlands, we are active in Germany, the United Kingdom, Italy, Belgium and Luxemburg. PostNL employs a total of more than 59,000 people. In 2013 our revenues reached € 4.3 billion.
We like to stay ahead of things. We are the most modern postal company in the world. We are proud of that. As the first listed postal company, we are an example to the rest of the world in automatic letter sorting. And our innovative parcels network is completely adapted to the wishes of web retailers.