Tesco tender offer

Comments

  • This is the tender doc

    http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/TSCO/13610715.html

    At first glance key points seem to be

    - you must tender your bonds by 27th April
    - price will be determined on 30th April based on the yield of an equivalent gilt
    - settlement date 2 May
    - they have given indicative prices based on the reference gilt as at 18 April in the document above e.g. 106.69 for the 2019 note
    - they will buy back up to £500 million which seems to be about 25% of the outstanding amounts (although may be more, may be less, may be nil!)

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