SURA Asset Management S.A. Launches New Debt Tender Offer
SURA Asset Management S.A. is excited to announce a Tender Offer aimed at purchasing up to U.S. $175,000,000 in aggregate principal amount of its 4.375% Senior Guaranteed Notes set to mature in 2027.
Currently, SURA Asset Management S.A. is offering a cash Tender Offer, allowing holders to sell back a maximum of U.S. $175 million of its 4.375% Senior Guaranteed Notes due in 2027. This offer is initiated under a formal Offer to Purchase document which outlines important terms and conditions. It's essential for investors to understand the finer details to make informed decisions.
Timeline and Key Details of the Offer
The updated timeline and main conditions concerning the Tender Offer are as follows:
- Maximum Acceptance Amount: U.S. $175 million
- Start of the Tender Offer: Determined as of March 31, 2025.
- Early Tender Time: Scheduled at 5:00 p.m., New York City time, on April 11, 2025.
- Withdrawal Deadline: Also set for 5:00 p.m., New York City time, on April 11, 2025.
- Early Settlement Date: To be determined and expected on April 16, 2025.
- Expiration Time: Marked for 5:00 p.m., New York City time, on April 28, 2025.
- Final Settlement Date: Set to occur within four business days after the Expiration Time.
Tender Offer Overview
Investors can expect the following payment terms associated with the Notes:
Each principal amount of U.S. $1,000 for validly tendered Notes corresponds to a Total Consideration of U.S. $1,000. This amount includes an Early Tender Payment of U.S. $30 for notes accepted before the Early Tender Time. Those who tender after this point but within the Expiration Time will receive the Tender Offer Consideration.
Holders whose Notes are purchased will also receive accrued interest. The total consideration will be paid in cash and is a critical factor for potential participants in this Tender Offer.
Conditions and Considerations
The Tender Offer is not tied to a mandatory minimum and is subject to specific conditions applicable to the Offer to Purchase. These conditions include financing conditions that must be met for the Tender Offer to proceed.
Holders who wish to partake in this Tender Offer must submit their valid tenders before the specified Early Tender Time for eligibility to receive the Total Consideration. For those who miss this window, there is still an opportunity to participate but will be subject to different terms.
Early and Final Settlement
Upon the completion of all conditions, the Company intends to process tenders received before the Early Tender Time and disburse payment within a few business days of acceptance. That includes providing any remaining Notes up to the specified Maximum Amount shortly after the Expiration Deadline.
For participants, it's important to understand these timelines and eligibility clauses to make the most of this Tender Offer.
Frequently Asked Questions
What is a Tender Offer?
A Tender Offer is an invitation to shareholders to sell their shares at a specified price, usually at a premium, within a certain timeframe.
Who can participate in this Tender Offer?
Holders of SURA Asset Management S.A.’s 4.375% Senior Guaranteed Notes can participate by tendering their notes according to the terms outlined in the Offer to Purchase.
What is the Total Consideration for the Notes?
The Total Consideration is set at U.S. $1,000 for each U.S. $1,000 principal amount of Notes accepted as part of the Tender Offer.
What happens if I miss the Early Tender Time?
If you miss the Early Tender Time, you can still tender your Notes until the Expiration Time, but you will only be eligible for the Tender Offer Consideration without the Early Tender Payment.
How will I receive payment for my tendered Notes?
Payment will be disbursed in cash, covering the Total Consideration along with any accrued interest owed up to the settlement date for validly accepted Notes.
