Adcoco Group Finishes Bond Offer Acquisition
Adecco Group Announces Results of Tender Offer on Existing Notes
In a recent announcement, the Adecco Group, a leading HR solutions partner based in Zurich, Switzerland and listed on the SIX Swiss Exchange (ADEN), has announced the results of a tender offer on existing notes maturing in November 2022.
The tender offer, launched on May 9, 2019, by Adecco's Refinancing B.V., was in relation to the International Financial Services B.V.'s EUR 500,000,000 1.500 per cent. Notes due 22 November 2022. The tender offer expired on May 16, 2019.
A total aggregate nominal amount of EUR 210,027,000 was validly tendered by Noteholders in relation to the 2022 Notes. Out of this, Adecco's Refinancing B.V. accepted EUR 199,995,000 in aggregate nominal amount of 2022 Notes for repurchase. The acceptance for purchase was subject to the successful issuance of the New Notes on May 20, 2019.
The summary of the final pricing and acceptance of the Tender Offer is as follows: Final Acceptance Amount: EUR 199,995,000, Scaling Factor: 96.5499 per cent., Purchase Yield: -0.10 per cent., Purchase Price: 105.223 per cent., Accrued Interest: 0.736 per cent.
It is important to note that no offer or invitation to acquire any securities is being made pursuant to this announcement. The New Notes are not and will not be registered under the US Securities Act of 1933, as amended. Therefore, the New Notes may not be offered or sold in the United States of America without registration or an exemption from registration.
Credit Suisse acted as Global Coordinator for the Tender Offer. BNP Paribas and Credit Suisse acted as Dealer Managers on the Tender Offer. The distribution of this announcement and the Tender Offer Memorandum may be restricted by law in certain jurisdictions.
For further information, please contact Adecco Group Investor Relations at [email protected] or +41 (0) 44 878 88 88. The press release does not constitute an offer or an invitation to subscribe for or purchase the New Notes. It is recommended to read the Tender Offer Memorandum for detailed information.
The Adecco Group, rated BBB+ by S&P and Baa1 by Moody's, has stated that the tender offer, in combination with the placement on May 9, 2019, of EUR 300,000,000 fixed rate notes maturing in 2029 with a 1.250 per cent. coupon by the International Financial Services B.V., contributes to optimizing the Adecco Group's debt maturity profile and cost of capital.
For more information about Adecco Group's financial agenda, Q2 2019 results will be announced on 8 August 2019, followed by Q3 2019 results on 5 November 2019, and Q4 2019 results on 27 February 2020. Media inquiries can be directed to [email protected] or +41 (0) 44 878 87 87.
Please note that this article does not contain detailed terms and conditions of the tender offer or the outcome of the offer. For such information, it is advised to refer to Adecco's official SEC filings (such as 8-Ks or tender offer statements), press releases, or investor relations communications.
In the light of the announcement, the Adecco Group, while working on optimizing its debt maturity profile and cost of capital, engaged in investing by purchasing EUR 199,995,000 in relation to its existing 2022 Notes. The Group's business strategy involves frequent interactions with finance, as evidenced by the regular issuance of new notes, such as the EUR 300,000,000 fixed rate notes maturing in 2029.
