Minor International Public Company Limited Announces Results of Tender Offer of USD 300 million Guaranteed Senior Perpetual Securities
July 15, 2021 at 08:39 pm
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Minor International Public Company Limited announced the Tender Offer expired at 4:00 p.m. (London time) on 15 July 2021. As of the Expiration Deadline, the Company had received valid tenders under the Tender Offer which had not been validly withdrawn in respect of the Securities with an aggregate principal amount outstanding of USD 292,780,000 representing approximately 97.59 per cent. of the total principal amount outstanding of the Securities. Subject to the satisfaction of the conditions (save for the New Financing Condition which has already been satisfied) in the Tender Offer Memorandum, the Issuer expects to accept for purchase all such Securities tendered. The consideration payable by the Issuer for the Securities tendered and accepted for purchase will consist of, with respect to each USD 1,000 of principal amount of the Securities, (1) cash in the amount of USD 1,018.98 plus (2) the Accrued Distribution Payment. Subject to the satisfaction of the conditions (save for the New Financing Condition which has already been satisfied) in the Tender Offer Memorandum, the Settlement Date in respect of the Securities accepted for purchase pursuant to the Tender Offer is expected to be 19 July 2021. Following settlement of the Offer and subsequent cancellation of the repurchased Securities, the Issuer has repurchased (and effected corresponding cancellations of) 75 per cent. or more of the principal amount of the Securities initially issued. The Issuer will therefore have the option to exercise the qualifying clean up call right it has under Condition 7.8 of the Securities (the "Issuer Clean Up Call"). The Issuer intends to exercise the Issuer Clean Up Call in accordance with the terms and conditions of the Securities.
Minor International Public Company Limited is a Thailand-based company engaged in the investment activities, hotels, restaurant operations, and distribution and manufacturing. The Company operates through four segments: Hotel, Mixed use, Restaurant and Retail. The Company operates hotels, resorts and serviced suites with a portfolio of over 530 hotels under the Anantara, AVANI, Oaks, Tivoli, Elewana, NH Collection, NH, nhow, Marriott, Four Seasons, St. Regis, Radisson Blu and Minor International brands. Its hotel and spa portfolio spans across 56 countries in Asia Pacific, the Middle East, Africa, the Indian Ocean, Europe and the Americas. The Company operates mixed-use business, including shopping plazas and entertainment, residential properties, and a points-based vacation club. It offers fashion and lifestyle products under various brands, including Anello, BergHOFF, Bossini, Charles & Keith, Joseph Joseph, Zwilling J.A. and Minor Smart Kids.