Post Holdings Announces Early Tender Results of Cash Tender Offer for 5.625% Senior Notes Due 2028
Post Holdings (NYSE: POST) announced early tender results for its cash tender offer to purchase up to $475.0 million of its 5.625% senior notes due 2028. As of August 21, 2024, $760,866,000 in principal amount had been validly tendered, exceeding the Maximum Tender Amount. Due to oversubscription, tendered Notes will be subject to proration at approximately 62.47%. The company does not anticipate accepting any Notes tendered after the Early Tender Time.
The Early Tender Consideration will be determined on August 22, 2024, based on a fixed spread plus the U.S. Treasury Reference Security yield. Post Holdings anticipates an Early Settlement Date of August 23, 2024, subject to conditions including sufficient proceeds from a senior notes offering to fund the purchase.
Post Holdings (NYSE: POST) ha annunciato i risultati dell'offerta di acquisto anticipato per la sua offerta in contante per l'acquisto di fino a 475,0 milioni di dollari delle sue note senior con tasso del 5,625% in scadenza nel 2028. A partire dal 21 agosto 2024, un importo principale di 760.866.000 dollari è stato validamente offerto, superando l’importo massimo offerto. A causa dell'over-subscription, le note offerte saranno soggette a proporzione di circa il 62,47%. La società non prevede di accettare note offerte dopo il termine anticipato.
La Considerazione Anticipata sarà determinata il 22 agosto 2024, basata su uno spread fisso più il rendimento del Titolo di Riferimento del Tesoro U.S. Post Holdings prevede una Data di Liquidazione Anticipata del 23 agosto 2024, soggetta a condizioni inclusi proventi sufficienti da un'offerta di note senior per finanziare l'acquisto.
Post Holdings (NYSE: POST) anunció los resultados anticipados de su oferta de compra en efectivo para adquirir hasta 475.0 millones de dólares de sus notas senior al 5,625% con vencimiento en 2028. A partir del 21 de agosto de 2024, se había ofrecido un monto principal de 760,866,000 dólares, superando el Monto Máximo de Oferta. Debido a la sobreadjudicación, las Notas ofrecidas estarán sujetas a prorrateo de aproximadamente el 62.47%. La empresa no anticipa aceptar ninguna Nota ofrecida después del Tiempo de Oferta Anticipada.
La Consideración de Oferta Anticipada se determinará el 22 de agosto de 2024, basada en un diferencial fijo más el rendimiento del Título de Referencia del Tesoro de EE.UU. Post Holdings anticipa una Fecha de Liquidación Anticipada del 23 de agosto de 2024, sujeta a condiciones, incluyendo los ingresos suficientes de una oferta de notas senior para financiar la compra.
Post Holdings (NYSE: POST)은 2028년 만기인 5.625% 구형 노트를 최대 4억 7천 5백만 달러에 구매하기 위한 현금 입찰의 조기 결과를 발표했습니다. 2024년 8월 21일 현재, 760,866,000 달러의 원금이 유효하게 입찰되었으며, 이는 최대 입찰 금액을 초과합니다. 초과 신청으로 인해, 입찰된 노트는 약 62.47%의 비율로 배분될 것입니다. 회사는 조기 입찰 시간이 지난 후에 제출된 노트를 수락할 것으로 예상하지 않습니다.
조기 입찰 보상은 2024년 8월 22일에 정해질 예정이며, 고정 스프레드에 미국 재무부 기준 증권 수익률이 더해진 값에 따라 결정될 것입니다. Post Holdings는 구매 자금을 조달하기 위해 선순위 노트 발행에서 충분한 수익을 포함하여 조건에 따라 2024년 8월 23일의 조기 정산 날짜를 예상합니다.
Post Holdings (NYSE: POST) a annoncé les résultats anticipés de son offre de rachat en espèces pour l’achat de jusqu’à 475 millions de dollars de ses obligations senior de 5,625% arrivant à échéance en 2028. À la date du 21 août 2024, un montant principal de 760 866 000 dollars a été offert valablement, dépassant le Montant Maximum de l’offre. En raison de la sursouscription, les obligations offertes seront soumises à un pro-rata d’environ 62,47%. La société ne prévoit pas d’accepter les obligations offertes après le Temps d’Offre Anticipée.
La Considération d’Offre Anticipée sera déterminée le 22 août 2024, sur la base d’un écart fixe plus le rendement du Titre de Référence du Trésor américain. Post Holdings prévoit une Date de Règlement Anticipée le 23 août 2024, sous réserve de conditions, y compris des produits suffisants d’une émission d’obligations senior pour financer l’achat.
Post Holdings (NYSE: POST) hat die vorläufigen Ergebnisse seines Barangebots zur Rückkauf von bis zu 475,0 Millionen Dollar seiner 5,625%-Schuldverschreibungen mit Fälligkeit 2028 bekannt gegeben. Am 21. August 2024 wurde ein Nennbetrag von 760.866.000 Dollar gültig angeboten, was den maximalen Angebotsbetrag übersteigt. Aufgrund der Überzeichnung unterliegen die angebotenen Schuldverschreibungen einer Pro rata-Berechnung von etwa 62,47%. Das Unternehmen rechnet nicht damit, nach dem Termin für das vorzeitige Angebot angebotene Schuldverschreibungen zu akzeptieren.
Die Vorabangebotserwägung wird am 22. August 2024 festgelegt und basiert auf einer festen Prämie plus der Rendite des US-Schatzanleihe-Referenzwerts. Post Holdings erwartet ein vorzeitiges Abrechnungsdatum am 23. August 2024, vorbehaltlich von Bedingungen, einschließlich ausreichender Erlöse aus einer Emission von Schuldverschreibungen zur Finanzierung des Kaufs.
- High demand for the tender offer, with $760,866,000 tendered exceeding the $475.0 million Maximum Tender Amount
- Potential reduction in outstanding debt, improving the company's balance sheet
- Proration of accepted Notes at 62.47% due to oversubscription, potentially disappointing some investors
- Dependency on securing sufficient proceeds from a senior notes offering to fund the purchase
Insights
Post Holdings' tender offer for up to
The company will prorate acceptances at
Post's move to refinance this debt likely aims to reduce interest expenses and extend maturity profiles. However, the need for new senior notes to fund this offer suggests the company isn't using excess cash, which could indicate tight liquidity or strategic cash preservation.
This tender offer reflects Post Holdings' proactive approach to liability management. By targeting
The
The company's decision to settle early on August 23 indicates confidence in their new debt issuance and a desire to quickly reduce interest expenses. Overall, this transaction appears to be a prudent financial maneuver, though its ultimate impact will depend on the terms of the new debt issued to fund it.
Early Tender Results
As of 5:00 p.m.,
Title of Security | CUSIP Nos. | ISINs | Principal | Maximum | Principal |
| Bloomberg | Fixed | Early |
| 737446AN4 U7318UAN2 | US737446AN44 USU7318UAN29 |
| PX 3 | +50bps |
(1) | In no event will the Early Tender Consideration (defined below) payable in respect of the principal amount of Notes tendered pursuant to the Tender Offer exceed |
(2) | Per |
(3) | The Early Tender Consideration for the Notes validly tendered at or prior to the Early Tender Time and accepted for purchase is calculated using the Fixed Spread (defined below) and is inclusive of an early tender premium of |
Priority of Acceptance and Proration
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, dated August 8, 2024 (as it may be amended or supplemented, the "Offer to Purchase"), using a proration rate of approximately
Consideration and Accrued Interest
The consideration (the "Early Tender Consideration") offered per
Only holders of Notes who validly tendered their Notes at or prior to the Early Tender Time, and whose Notes have been accepted for purchase, will 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.
Settlement
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.,
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 Maximum Tender Amount for Post Holdings' cash tender offer?
What was the total principal amount of Notes tendered in Post Holdings' offer as of August 21, 2024?
When is the anticipated Early Settlement Date for Post Holdings' tender offer?
What is the proration rate for Post Holdings' tender offer due to oversubscription?
