PostNL announces that it intends to purchase, through G3 Worldwide Mail N.V., part of the PostNL Group, for an aggregate cash consideration of approximately EUR 400 million (including accrued interest) bonds across its EUR 2015, EUR 2017 and GBP 2018 bonds pursuant to the tender offer announced on 6 December 2013.
The face amount of the bonds expected to be purchased and the purchase spread of each bond targeted is:
- EUR 2015 bond: EUR 51 million, purchase spread 44 bps
- EUR 2017 bond: EUR 132 million, purchase spread 105 bps
- GBP 2018 bond: GBP 136 million, purchase spread 160 bps
The reference benchmark for determining the tender prices is the interpolated mid-swaps rate to maturity for the EUR 2015 and EUR 2017 bonds, and the applicable reference Gilt rate for the GBP 2018 bond.
The expected settlement date is 17 December 2013.
PostNL will retain the remaining proceeds from the partial disposal of its shares in TNT Express for debt reduction purposes.
Deutsche Bank AG, London Branch, BNP PARIBAS en Royal Bank of Scotland acted as Joint Dealer Managers on the transaction.
BofA Merrill Lynch, acting through Merrill Lynch International, acted as financial advisor to PostNL on the transaction.
This announcement and the Tender Offer Memorandum does not constitute an offer or an invitation to participate in the Invitations in the United States or in any other jurisdiction in which, or to any person to or from whom, it is unlawful to make such offer or invitation or for there to be such participation under applicable laws. The distribution of this announcement in certain jurisdictions may be restricted by law. Persons into whose possession this announcement comes are required by PostNL and the Dealer Managers to inform themselves about and to observe any such restrictions.
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.