Adecco Group successfully completes tender offer on two existing notesDownload this Document
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Adecco Group successfully completes tender offer on two existing notes
Zurich, Switzerland, 1 December 2016: the Adecco Group (rated BBB+ by S&P, Baa1 by Moody’s) announces the results of its tender offer on two existing notes maturing in April 2018 and November 2019.
The tender offer launched on 23 November 2016 by Adecco Refinancing B.V. in relation to each of Adecco International Financial Services B.V.’s €500,000,000 4.75 per cent. Notes due 13 April 2018 (XS0616395199) (the “2018 Notes”) and €400,000,000 2.75 per cent. Notes due 15 November 2019 (XS0953093308) (the “2019 Notes”) (the “Tender Offer”) expired on 30 November 2016.
An aggregate nominal amount of (a) €152,250,000 was validly tendered by noteholders in relation to the 2018 Notes and (b) €185,579,000 was validly tendered by noteholders in relation to the 2019 Notes. Subject to the successful issuance of New Notes (as defined below) on or prior to 2 December 2016, Adecco Refinancing B.V. will accept (a) €152,250,000 in aggregate nominal amount of 2018 Notes and (b) €185,579,000 in aggregate nominal amount of 2019 Notes for repurchase in accordance with the terms and subject to the conditions contained in the tender offer memorandum dated 23 November 2016.
Summary of the final pricing and acceptance of the Tender Offer:
Description of the Notes
Aggregate nominal amount outstanding after Settlement Date
-0.20 per cent.
106.757 per cent.
3.03219 per cent.
-0.05 per cent.
107.571 per cent.
0.12808 per cent.
The Tender Offer, in combination with the placement on 23 November 2016 of €500 million fixed rate notes maturing in 2024 with a 1.00% coupon by Adecco International Financial Services B.V. (the “New Notes”), contributes to optimising the Adecco Group’s debt maturity profile and cost of capital, in line with the Adecco Group’s objectives.
Natixis and SG CIB acted as Dealer Managers on the Tender Offer.