Ahold Delhaize: Ahold Delhaize announces the buy-back and cancellation of its ¥33 billion Floating Rate Notes due May 2031 a...
November 15 2016 - 1:59AM
Zaandam, the
Netherlands, November 15, 2016 - Ahold Delhaize announces the
buy-back and cancellation of the entire principal amount of its ¥33
billion Floating Rate Notes due May 2031 (ISIN: XS0128778460) (the
"JPY Notes"). The associated Yen-Euro currency swap will be unwound
as part of the transaction. Together, the JPY Notes and the swap
effectively represent a synthetic €299 million long-term liability
at an annual interest rate of 7.065%.
Ahold Delhaize has agreed to buy back
the JPY Notes at a purchase price of 108.1% for settlement on
November 15, 2016. Cancellation of the JPY Notes shall take place
on the same day. The cost of buying back the JPY Notes and
unwinding the swap will be funded with cash on hand and shall be
reflected in Ahold Delhaize's Q4 2016 results as a corresponding
one-off cost of €243 million before tax.
The transaction is value accretive,
achieves a reduction in annual interest expense of approximately
€21 million and will have no material impact on current leverage
ratios, Ahold Delhaize's ability to fund its growth opportunities
or to further optimize its capital structure.
Press release_JPY
Notes_161115
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Ahold Delhaize via Globenewswire
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