ADECCO GROUP SUCCESSFULLY COMPLETES TENDER OFFER ON TWO EXISTING NOTES
The tender offer launched on 23 November 2016 by Adecco Refinancing B.V. in relation to each of Adecco International Financial Services B.V.’s €500,000,000 4.75 per cent. Notes due 13 April 2018 (XS0616395199) (the “2018 Notes”) and €400,000,000 2.75 per cent. Notes due 15 November 2019 (XS0953093308) (the “2019 Notes”) (the “Tender Offer”) expired on 30 November 2016.
An aggregate nominal amount of (a) €152,250,000 was validly tendered by noteholders in relation to the 2018 Notes and (b) €185,579,000 was validly tendered by noteholders in relation to the 2019 Notes. Subject to the successful issuance of New Notes (as defined below) on or prior to 2 December 2016, Adecco Refinancing B.V. will accept (a) €152,250,000 in aggregate nominal amount of 2018 Notes and (b) €185,579,000 in aggregate nominal amount of 2019 Notes for repurchase in accordance with the terms and subject to the conditions contained in the tender offer memorandum dated 23 November 2016.
Summary of the final pricing and acceptance of the Tender Offer:
|
Description of the Notes |
Acceptance Amount |
Scaling factor |
Aggregate nominal amount outstanding after Settlement Date |
Purchase Yield |
Purchase Price |
Accrued Interest |
|
2018 Notes |
€152,250,000 |
N/A |
€347,750,000.00 |
-0.20 per cent. |
106.757 per cent. |
3.03219 per cent. |
|
2019 Notes |
€185,579,000 |
N/A |
€214,421,000.00 |
-0.05 per cent. |
107.571 per cent. |
0.12808 per cent. |
The Tender Offer, in combination with the placement on 23 November 2016 of € 500 million fixed rate notes maturing in 2024 with a 1.00% coupon by Adecco International Financial Services B.V. (the “New Notes”), contributes to optimising the Adecco Group’s debt maturity profile and cost of capital, in line with the Adecco Group’s objectives.
Natixis and SG CIB acted as Dealer Managers on the Tender Offer.
For further information please contact:
Adecco Group Investor Relations
Investor.relations@adecco.com or +41 (0) 44 878 89 89
Adecco Group Press Office
Press.office@adecco.com or +41 (0) 44 878 87 87
Disclaimer
This press release is neither an offer to purchase nor a solicitation to tender any of these notes nor is it a solicitation for acceptance of the Tender Offers.
Adecco is making the Tender Offer only by, and pursuant to the terms of the Tender Offer. The Tender Offer is not being made to (nor will tenders of notes be accepted from or on behalf of) holders of notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities other laws of such jurisdiction.
This press release does not constitute an offer or an invitation to subscribe for or purchase the New Notes and should not be considered as a recommendation to subscribe for or purchase the New Notes. The offer of the New Notes referred to in this press release shall be limited to qualified investors only. The New Notes are not and will not be registered under the US Securities Act of 1933, as amended (the “US Securities Act”) and will also not be registered with any authority competent with respect to securities in any state or other jurisdiction of the United States of America. The New Notes may not be offered or sold in the United States of America without either registration of the securities or an exemption from registration under the US Securities Act being applicable.
These materials are not for release, distribution or publication, whether directly or indirectly and whether in whole or in part, into or in the United States, Canada or Japan or any (other) jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction.
Financial Agenda
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• Q4 2016 results • Annual General Meeting • Q1 2017 results • Q2 2017 results • Q3 2017 results |
2 March 2017 20 April 2017 9 May 2017 10 August 2017 7 November 2017 |
Forward-looking statements
Information in this release may involve guidance, expectations, beliefs, plans, intentions or strategies regarding the future. These forward-looking statements involve risks and uncertainties. All forward-looking statements included in this release are based on information available to Adecco Group AG as of the date of this release, and we assume no duty to update any such forward-looking statements. The forward-looking statements in this release are not guarantees of future performance and actual results could differ materially from our current expectations. Numerous factors could cause or contribute to such differences. Factors that could affect the Company’s forward-looking statements include, among other things: global GDP trends and the demand for temporary work; changes in regulation of temporary work; intense competition in the markets in which the Company operates; integration of acquired companies; changes in the Company’s ability to attract and retain qualified internal and external personnel or clients; the potential impact of disruptions related to IT; any adverse developments in existing commercial relationships, disputes or legal and tax proceedings.
About the Adecco Group
The Adecco Group, based in Zurich, Switzerland, is the world’s leading provider of HR solutions. With more than 33,000 FTE employees and around 5,100 branches in 60 countries and territories around the world, the Adecco Group offers a wide variety of services, connecting approximately 700,000 associates with our clients every day. The services offered fall into the broad categories of temporary staffing, permanent placement, career transition and talent development, as well as outsourcing and consulting. The Adecco Group is a Fortune Global 500 company.
Adecco Group AG is registered in Switzerland (ISIN: CH0012138605) and listed on the SIX Swiss Exchange (ADEN).