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%
Year Mid-Swap Rate: 1.765%
Mid-Swap Rate: 1.515%
Price per €1,000 principal amount: €1,040.44
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.