Post Holdings Announces Consideration for Cash Tender Offer for 5.625% Senior Notes Due 2028
Post Holdings (NYSE:POST) has announced the consideration payable for its previously announced cash tender offer to purchase up to $475.0 million of its 5.625% senior notes due 2028. The Early Tender Consideration is set at $1,008.84 per $1,000 principal amount for Notes validly tendered by the Early Tender Time of August 21, 2024. The offer was oversubscribed, with $760,866,000 in principal amount tendered, exceeding the Maximum Tender Amount. As a result, the Notes will be subject to proration at approximately 62.47%. Post Holdings anticipates the Early Settlement Date to be August 23, 2024, subject to conditions being met, including sufficient proceeds from a senior notes offering to fund the purchase.
Post Holdings (NYSE:POST) ha annunciato il corrispettivo pagabile per la sua precedente offerta di acquisto in contante per l'acquisto fino a 475,0 milioni di dollari delle sue obbligazioni senior con un tasso del 5,625% in scadenza nel 2028. Il Corrispettivo per il Prelievo Anticipato è fissato a 1.008,84 dollari per ogni 1.000 dollari di valore nominale per le Obbligazioni valide offerte entro il termine di prelievo anticipato del 21 agosto 2024. L'offerta è stata sovrascritta, con un totale di 760.866.000 dollari in valore nominale offerti, superando l'Importo Massimo di Offerta. Di conseguenza, le Obbligazioni saranno soggette a una ripartizione approssimativa del 62,47%. Post Holdings prevede che la Data di Regolamento Anticipato sia il 23 agosto 2024, a condizione che siano soddisfatti i requisiti necessari, inclusi fondi sufficienti derivanti da un'emissione di obbligazioni senior per finanziare l'acquisto.
Post Holdings (NYSE:POST) ha anunciado la consideración a pagar por su oferta de compra en efectivo previamente anunciada para adquirir hasta 475,0 millones de dólares de sus notas senior al 5,625% que vencen en 2028. La Consideración por Apertura Anticipada se establece en 1.008,84 dólares por cada 1.000 dólares de valor nominal para las Notas válidamente ofrecidas antes del plazo de Apertura Anticipada del 21 de agosto de 2024. La oferta fue sobscrita, con un total de 760.866.000 dólares en valor nominal ofrecido, superando la Cantidad Máxima de Oferta. Como resultado, las Notas estarán sujetas a prorrateo de aproximadamente 62,47%. Post Holdings anticipa que la Fecha de Liquidación Anticipada será el 23 de agosto de 2024, sujeto a que se cumplan las condiciones, incluida la obtención de fondos suficientes de una emisión de notas senior para financiar la compra.
포스트 홀딩스 (NYSE:POST)는 2028년에 만기가 도래하는 5.625%의 선순위 채권 중 최대 4억 7500만 달러를 구매하기 위해 발표한 현금 입찰 제안의 지급 고려 사항을 발표했습니다. 조기 입찰 고려 금액은 1,008.84달러를 1,000달러의 원금에 대해 설정했으며, 2024년 8월 21일의 조기 입찰 마감 시간까지 유효하게 제출된 채권에 적용됩니다. 이 제안은 초과 청약 되었으며, 7억 6086만 6천 달러의 원금이 제출되어 최대 입찰 금액을 초과했습니다. 그 결과, 채권은 약 62.47%의 비율로 배분됩니다. 포스트 홀딩스는 조기 결제일이 2024년 8월 23일이 될 것으로 예상하고 있으며, 이 구매를 위한 고급 채권 발행에서 충분한 수익이 확보되는 등 조건이 충족되어야 합니다.
Post Holdings (NYSE:POST) a annoncé la consideration à payer pour son offre d'achat en espèces précédemment annoncée visant à acquérir jusqu'à 475,0 millions de dollars de ses obligations senior de 5,625% arrivant à échéance en 2028. La Considération pour le Tender Anticipé est fixée à 1.008,84 dollars par tranche de 1.000 dollars de montant nominal pour les Obligations valablement offertes avant l'heure limite de Tender Anticipé du 21 août 2024. L'offre a été sursouscrite, avec un montant nominal de 760.866.000 dollars soumis, dépassant le Montant Maximum de l'Offre. En conséquence, les Obligations seront soumises à un prorata d'environ 62,47%. Post Holdings prévoit que la date de règlement anticipé soit le 23 août 2024, sous réserve que les conditions soient remplies, y compris des produits suffisants provenant d'une émission d'obligations seniors pour financer l'achat.
Post Holdings (NYSE:POST) hat die zu zahlende Berücksichtigung für sein zuvor bekannt gegebenes Barangebot zum Kauf von bis zu 475,0 Millionen USD seiner 5,625%-Senior Notes mit Fälligkeit 2028 angekündigt. Die Frühzeitige Angebotsberücksichtigung ist auf 1.008,84 USD pro 1.000 USD Nennbetrag festgelegt für die Notizen, die bis zur Frühzeitigen Angebotsfrist am 21. August 2024 gültig angeboten werden. Das Angebot war überzeichnet, mit einem angebotenen Nennbetrag von 760.866.000 USD, was den Maximalbetrag überschreitet. Infolgedessen werden die Notizen einer Proration von etwa 62,47% unterzogen. Post Holdings erwartet, dass das Datum der frühen Abwicklung der 23. August 2024 sein wird, vorausgesetzt, es werden bestimmte Bedingungen erfüllt, einschließlich ausreichender Erlöse aus einem Angebot von Senior Notes zur Finanzierung des Kaufs.
- Oversubscription of the tender offer, indicating strong investor interest
- Early Tender Consideration of $1,008.84 per $1,000 principal amount, providing a premium to noteholders
- Potential reduction of outstanding debt, which could improve the company's balance sheet
- Proration of accepted Notes at 62.47% due to oversubscription, limiting the amount of Notes that can be tendered by each holder
- Potential increase in the company's debt if the tender offer is funded through a new senior notes offering
Insights
Post Holdings' tender offer for its 5.625% Senior Notes due 2028 is a strategic move to refinance its debt. The company is offering to buy back up to
The high participation rate, with
This refinancing could potentially lower Post's interest expenses, depending on the terms of the new senior notes offering mentioned. However, the impact on the company's overall financial health will depend on the new debt's interest rate and maturity profile.
Post Holdings' tender offer is a proactive debt management strategy. By refinancing
The
The key factors to watch will be the interest rate and maturity of the new notes. If Post can secure a lower interest rate or extend maturities, this could improve its debt profile and potentially free up cash flow for other corporate purposes. Overall, this move demonstrates Post's active approach to liability management.
The consideration of
Title of | CUSIP | ISINs | Principal | Maximum | Principal |
| Reference Yield | Bloomberg | Fixed | Early Tender | Early | |
| 737446AN4 U7318UAN2 | US737446AN44 USU7318UAN29 |
| 5.237 % | PX 3 | +50bps | ||||||
(1) | Per |
(2) | The Early Tender Consideration for the Notes validly tendered at or prior to the Early Tender Time (defined below) and accepted for purchase is calculated using the Fixed Spread and is inclusive of the Early Tender Premium. |
Only holders of Notes who validly tendered their Notes at or prior to 5:00 p.m., New York City time, on August 21, 2024 (the "Early Tender Time") are eligible to receive the Early Tender Consideration. In addition to the Early Tender Consideration, holders whose Notes are purchased in the Tender Offer will receive accrued and unpaid interest from the last interest payment date up to, but not including, the applicable settlement date.
Since the principal amount of Notes tendered as of the Early Tender Time exceeds the Maximum Tender Amount, the Notes validly tendered at or prior to the Early Tender Time will be subject to proration as described in the section "The Terms of the Tender Offer—Maximum Tender Amount; Priority of Acceptance; Proration" of the Offer to Purchase using a proration rate of approximately
The Company reserves the right, in its sole discretion, to pay for Notes that are validly tendered at or prior to the Early Tender Time, and that are accepted for purchase, on a date following the Early Tender Time and prior to 5:00 p.m.,
All other terms and conditions of the previously announced Tender Offer, including without limitation the withdrawal deadline of August 21, 2024, remain unchanged and are as set forth in the Offer to Purchase.
Dealer Manager and Depositary and Information Agent
The Company has appointed Barclays Capital Inc. as dealer manager (the "Dealer Manager") for the Tender Offer. The Company has retained D.F. King & Co., Inc. as the depositary and information agent for the Tender Offer. For additional information regarding the terms of the Tender Offer, please contact: Barclays Capital Inc. at (800) 438-3242 (toll-free) or (212) 528-7581 (collect). Requests for documents and questions regarding the tendering of securities may be directed to D.F. King & Co., Inc. by telephone at (212) 269-5550 (for banks and brokers only) or (877) 732-3613 (toll-free) or by email at post@dfking.com or to the Dealer Manager at its telephone numbers.
This press release shall not constitute, or form part of, an offer to sell, a solicitation to buy or an offer to purchase or sell any securities. The Tender Offer is being made only pursuant to the Offer to Purchase and only in such jurisdictions as is permitted under applicable law.
From time to time after completion of the Tender Offer, the Company or its affiliates may purchase additional Notes in the open market, in privately negotiated transactions, through tender or exchange offers or other methods, or the Company may redeem Notes pursuant to their terms. Any future purchases may be on the same terms or on terms that are more or less favorable to holders of the Notes than the terms of the Tender Offer.
Cautionary Statement on Forward-Looking Language
Forward-looking statements, within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, are made throughout this press release, including statements regarding the Tender Offer and the Offer to Purchase. These forward-looking statements are sometimes identified from the use of forward-looking words such as "believe," "should," "could," "potential," "continue," "expect," "project," "estimate," "predict," "anticipate," "aim," "intend," "plan," "forecast," "target," "is likely," "will," "can," "may," "would" or the negative of these terms or similar expressions elsewhere in this press release. All forward-looking statements are subject to a number of important factors, risks, uncertainties and assumptions that could cause actual results to differ materially from those described in any forward-looking statements. These factors and risks include, but are not limited to, unanticipated developments that prevent, delay or negatively impact the Tender Offer and other financial, operational and legal risks and uncertainties detailed from time to time in the Company's cautionary statements contained in its filings with the Securities and Exchange Commission. The Company may not consummate the Tender Offer as described in this press release and there can be no assurance that the Tender Offer will be completed as anticipated or at all. These forward-looking statements represent the Company's judgment as of the date of this press release. The Company disclaims, however, any intent or obligation to update these forward-looking statements.
About Post Holdings, Inc.
Post Holdings, Inc., headquartered in
Contact:
Investor Relations
Daniel O'Rourke
daniel.orourke@postholdings.com
(314) 806-3959
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SOURCE Post Holdings, Inc.
FAQ
What is the Early Tender Consideration for Post Holdings' 5.625% Senior Notes due 2028?
How much of Post Holdings' 5.625% Senior Notes due 2028 were tendered in the cash tender offer?
What is the proration rate for Post Holdings' tender offer of its 5.625% Senior Notes due 2028?
When is the expected Early Settlement Date for Post Holdings' tender offer of its 5.625% Senior Notes due 2028?
