Leonardo announces the final results of the takeover bid on dollar-denominated bonds; the aggregate nominal amount of the tendered bonds is approximately $ 127 million
Leonardo Spa ("Leonardo") and its subsidiary Leonardo US Holding, Inc. (the "Company") today announced the final results of the takeover bids (the "Offers") concerning the bonds "7.375% Guaranteed Notes due 2039 "outstanding (ISIN / CUSIP: US583491AB16 / 583491AB1 (144A) and USU58200AB97 / U58200AB9 (Reg S)) (the" 2039 Bonds ") and the" 6.250% Guaranteed Notes due 2040 "outstanding (ISIN / CUSIP: US583491AC98 / 583491AC9 (144A) and USU58190AA41 / U58190AA4 (Reg S)) (the "2040 Bonds" and, together with the 2039 Bonds, the "Bonds") issued by the Company and guaranteed by Leonardo. The terms and conditions of the Offers are described in the public purchase offer document (the "Purchase Offer") dated 7 November 2019, available on the website www.dfking.com/leonardo. Terms not defined in this announcement have the meaning ascribed to them (in English) in the Purchase Offer.
Offers expired at 17: 00, New York time, 15 November 2019 (the "Final Term").
The aggregate nominal amount of the 2039 Bonds validly tendered and not withdrawn by the Final Term is $ 45.310.000 (including the aggregate nominal amount of $ 3.000.000 of the 2039 Bonds subject to the guaranteed delivery procedures described in the Offer of Purchase). The aggregate nominal amount of the 2040 Bonds validly tendered and not withdrawn by the Final Term is $ 81.368.000. All Bonds validly tendered and not withdrawn will be purchased pursuant to the Purchase Offer and will be canceled. The Company expects to pay the Offer Consideration, together with the Accrued Interest, on 20 November 2019 (this date is the "Settlement Date").
The transaction will reduce the interest expense due up to the maturity of the Bonds.
The Net Present Value of the transaction is approximately $ 90 million (approximately € 81 million).