Capital/Financing Update • Sep 14, 2016
Capital/Financing Update
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NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OF AMERICA OR THE DISTRICT OF COLUMBIA (THE "UNITED STATES") OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS DOCUMENT
PostNL announces the indicative results of its offer to purchase its EUR 5.375% bonds due 2017 and GBP 7.50% bonds due 2018 series of bonds for cash, pursuant to the tender offer announced on 5 September 2016. As of the invitation deadline, PostNL had received EUR 180.3 million of EUR 5.375% bonds due 2017 and GBP 235.9 million of GBP 7.50% bonds due 2018 that were validly tendered by holders.
The face amounts of the bonds expected to be purchased among the EUR 5.375% bonds due 2017 and the GBP 7.50% bonds due 2018 are:
EUR 5.375% bonds due 2017: EUR 180.3 million
GBP 7.50% bonds due 2018: GBP 137 million
PostNL expects to accept the EUR 5.375% bonds due 2017 validly tendered in full, with no proration and accept the GBP 7.50% bonds due 2018 validly tendered pursuant to a scaling factor of 58%.
The EUR 5.375% bonds due 2017 are being purchased at a fixed yield of (0.15)% and the GBP 7.50% bonds due 2018 are being purchased at a fixed spread of 40bps . The reference benchmark for determining the purchase price for GBP 7.50% bonds due 2018 is the applicable reference Gilt rate. PostNL will also pay accrued interest in respect of each of the bonds accepted for purchase pursuant to the tender offer on the settlement date. The expected settlement date is 16 September 2016.
BofA Merrill Lynch, acting through Merrill Lynch International, acts as Lead Dealer Manager on the transaction and Rabobank, acting through Coöperatieve Rabobank U.A. acts as Co- Lead Dealer Manager on the transaction.
An Invitation Memorandum setting out the terms of the tender offer is available via the tender offer agent appointed by PostNL, Lucid Issuer Services (+44 20 7704 0880, or by e mail: PostNL@lucidis.com).
This announcement and the Invitation Memorandum do not constitute an offer or an invitation to participate in the tender offer 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.
The communication of this announcement, the Invitation Memorandum and any other documents or materials relating to the tender offer are not being made and such documents and/or materials have not been approved by an authorised person for the purposes of section 21 of the Financial Services and Markets Act 2000 (the "FSMA"). Accordingly, such documents and/or materials are being distributed only to and are directed only at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) those persons who are existing members or creditors of PostNL falling within Article 43(2) of the Order or (iv) high net worth entities falling within Articles 49(2)(a) to (d) of the Order or (v) other persons to whom such documents and/or materials may otherwise lawfully be communicated by virtue of an exemption to section 21(1) of the FSMA or otherwise in circumstances where it does not apply (all such persons together being referred to as "relevant persons"). Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.
We are PostNL. For our clients, we are the link between the physical and the online world. We facilitate communications between people and companies. On average, we deliver 550,000 parcels and 10 million letters a day throughout all of the Netherlands. We offer more and more new services through combinations of smart networks, digital applications and the right communications channels. In doing so, we aim to make the daily lives of our customers easier.
As the first listed postal company, we have the largest and most modern network for letters, parcels and e-commerce in the Benelux countries. In addition, we also operate in Germany and Italy. PostNL employs a total of 49,000 people. In 2015 our revenues reached almost €3,5 billion.
Karen Berg Director Investor Relations & Treasury M: +31 653 44 91 99 E: [email protected]
Inge Steenvoorden Manager Investor Relations M: +31 610 51 96 70 E: [email protected]
Dick Kors Spokesperson T: +31 610 12 14 76 E: [email protected]
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OF AMERICA OR THE DISTRICT OF COLUMBIA (THE "UNITED STATES") OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS DOCUMENT
PostNL maakt de voorlopige resultaten bekend van zijn cash aanbod tot inkoop van een deel van de uitstaande EUR 5,375% obligaties aflopend in 2017 en de GBP 7,50% obligaties aflopend in 2018, volgend op het bod dat op 5 september 2016 werd aangekondigd. Na sluiting van de aanbiedingsperiode is EUR 180,3 miljoen van de EUR 5.375% obligaties aflopend in 2017 en GBP 235,9 miljoen van de GBP 7,50% obligaties aflopend in 2018 geldig aan PostNL aangeboden door de houders.
Het nominale bedrag van de obligaties, respectievelijk de uitstaande EUR 5,375% obligaties aflopend in 2017 en de GBP 7,50% obligaties aflopend in 2018 , die naar verwachting zullen worden ingekocht is:
EUR 5,375% obligaties aflopend 2017: EUR 180,3 miljoen
GBP 7,50%obligaties aflopend 2018: GBP 137 miljoen
PostNL verwacht de EUR 5,375% obligaties aflopend in 2017 die geldig zijn aangeboden volledig te accepteren, zonder het evenredigheidsprincipe toe te hoeven passen en de GBP 7,50% obligaties aflopend in die geldig zijn aangeboden te accepteren onder toepassing van een schalingsfactor van 58%.
De EUR 5,375% obligaties aflopend in 2017worden aangekocht op een 'fixed yield' van (0,15)% en de GBP 7,50% obligaties aflopend in 2018 worden aangekocht op een 'fixed spread' van 40 basispunten. De referentiebenchmark om de aankoopprijs voor de GBP 7,50% obligaties aflopend in 2018 te bepalen is de van toepassing zijnde referentierente voor Gilts.PostNL zal op de verrekendatum ook de opgebouwde rente betalen op de obligaties die geaccepteerd zijn voor aankoop onder het bod. De verwachte verrekendatum is 16 september 2016.
BofA Merrill Lynch, handelend via Merrill Lynch International, treedt op als Lead Dealer Manager in deze transactie en Rabobank, handelend via Coöperatieve Rabobank U.A. treedt op als Co- Lead Dealer Manager in deze transactie.
Voor geïnteresseerde obligatiehouders is er een Invitation Memorandum beschikbaar dat de voorwaarden van het tender bod beschrijft, via de door PostNL aangewezen agent, Lucid Issuer Services (+44 20 7704 0880, of per e mail: [email protected]).
This announcement and the Invitation Memorandum do not constitute an offer or an invitation to participate in the tender offer 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.
The communication of this announcement, the Invitation Memorandum and any other documents or materials relating to the tender offer are not being made and such documents and/or materials have not been approved by an authorised person for the purposes of section 21 of the Financial Services and Markets Act 2000 (the "FSMA"). Accordingly, such documents and/or materials are being distributed only to and are directed only at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) those persons who are existing members or creditors of PostNL falling within Article 43(2) of the Order or (iv) high net worth entities falling within Articles 49(2)(a) to (d) of the Order or (v) other persons to whom such documents and/or materials may otherwise lawfully be communicated by virtue of an exemption to section 21(1) of the FSMA or otherwise in circumstances where it does not apply (all such persons together being referred to as "relevant persons"). Any investment or investment activity to which this document relates is available
only to relevant persons and will be engaged in only with relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.
Over PostNLWij zijn PostNL. Wij verbinden voor onze klanten de fysieke en online wereld. Zo verzorgen we de communicatie tussen mensen en bedrijven. Op een gemiddelde dag bezorgen we in heel Nederland 550.000 pakketten en 10 miljoen brieven. We bieden steeds meer nieuwe diensten door combinaties van slimme netwerken, digitale toepassingen en juiste communicatiekanalen. Hiermee willen we het dagelijkse leven voor onze klanten gemakkelijker maken.
Als het eerste beursgenoteerde postbedrijf beschikken we over het grootste en modernste netwerk voor brieven, pakketten en e-commerce in de Benelux. Daarnaast zijn we actief in Duitsland en Italië. Bij PostNL werken in totaal meer dan 49.000 mensen. In 2015 bedroeg onze omzet bijna € 3,5 miljard.
Karen Berg Director Investor Relations & Treasury M: +31 653 44 91 99 E: [email protected]
Inge Steenvoorden Manager Investor Relations M: +31 610 51 96 70 E: [email protected]
Dick Kors Woordvoerder T: +31 610 12 14 76 E: [email protected]
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