Akzo Nobel N.V. (the "Company") announced today pricing and results of its invitation (the "Offer") to holders of its outstanding €750 million 4.25% Bonds 2003 due 2011 (ISIN: XS0170265341) (the "Bonds").
. The Company is pleased to announce that (i) the Company has raised new financing on terms satisfactory to it in order to finance the Repurchase Price and Accrued Interest as described in the Tender Offer Memorandum and (ii) it has accepted for purchase an aggregate principal amount of approximately €211.5 million of the Bonds at a Repurchase Price of €1,040.44.
The Repurchase Price for the Bonds was determined at or around 4.00 p.m. (CET) today in the manner described in the Tender Offer Memorandum by reference to the sum of the Repurchase Spread of +0 basis points and the Interpolated Mid-Swap Rate, as follows:
1 Year Mid-Swap Rate: 1.256%
2 Year Mid-Swap Rate: 1.765%
Interpolated Mid-Swap Rate: 1.515%
Repurchase Yield: 1.515%
Repurchase Price per €1,000 principal amount: €1,040.44
Accrued Interest per €1,000 principal amount: €20.84
Settlement is expected to occur on December 10, 2009.
Dealer Managers: Citi (Liability Management Group: +44 20 7986 8969), DB (Liability Management Group: +44 20 7545 8011) and RBS (Liability Management: +44 20 7085 8056); Tender Agent: Lucid (+44 20 7704 0880).
No Offer was made in the US or Italy or to any resident of the US or Italy. Other restrictions also applied.
- - -
Akzo Nobel N.V. successfully completed a €225million refinancing
AkzoNobel today successfully completed a €225million tap of the company's €750 Eurobond issue which matures on March 27, 2015, which will increase the aggregate nominal amount of the bond to €975million.
The completion of the recent Tender Offer and the tap transaction allows AkzoNobel to extend its debt maturity profile. The tap issue was placed with a high quality investor base and was priced at a low premium compared to the trading level of the original bond issue.
Settlement date of the transaction is set at December 10, 2009. AkzoNobel is rated BBB+, negative outlook by Standard & Poors and Baa1 negative outlook by Moody's. Citi, Deutsche Bank and the Royal Bank of Scotland acted as joint lead managers for this issue.
AkzoNobel is proud to be one of the world's leading industrial companies. Based in Amsterdam, the Netherlands, we make and supply a wide range of paints, coatings and specialty chemicals - 2008 revenue totaled €15.4 billion. In fact, we are the largest global paints and coatings company. As a major producer of specialty chemicals we supply industries worldwide with quality ingredients for life's essentials. We think about the future, but act in the present. We're passionate about introducing new ideas and developing sustainable answers for our customers. That's why our 58,000 employees - who are based in more than 80 countries - are committed to excellence and delivering Tomorrow's Answers Today(TM).
