REG - Adecco Group AG Adecco Int Fin B.V. - Results of Tender Offer <Origin Href="QuoteRef">ADEN.S</Origin> <Origin Href="QuoteRef">ADENIF.UL</Origin>

Adecco AGAnnouncement

01/12/2016 14:40

RNS Number : 7370Q
Adecco Group AG
01 December 2016
Adecco Refinancing B.V. announces Results of Tender Offers in respect of the
500,000,000 4.75 per cent. Notes due 13 April 2018 and 400,000,000 2.75 per cent. Notes due 15 November 2019issued by Adecco International Financial Services B.V.
THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU) 596/2014.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATESOF AMERICA, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATESOF AMERICA OR THE DISTRICT OF COLUMBIA OR IN OR INTO ANYOTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT
1 December 2016. Adecco Refinancing B.V. (the Company) announces today the results of its invitations to holders of the outstanding (a) 500,000,000 4.75 per cent. Notes due 13 April 2018 (ISIN: XS0616395199) (the 2018 Notes) and (b) 400,000,000 2.75 per cent. Notes due 15 November 2019 (ISIN: XS0953093308) (the 2019 Notes and, together with the 2018 Notes, the Notes), in each case as issued by Adecco International Financial Services B.V. and guaranteed by Adecco Group AG (formerly known as Adecco S.A.) to tender their Notes for purchase by the Company for cash (each such invitation an Offer and together the Offers).
The Offers were announced on 23 November 2016, and were made on the terms and subject to the conditions contained in the tender offer memorandum dated 23 November 2016 (the Tender Offer Memorandum) prepared by the Company. Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum.
The Expiration Deadline for the Offers was 4.00 p.m. (London time) on 30 November 2016.
The Company has received valid tenders of (a) 152,250,000in aggregate nominal amount of the 2018 Notes for purchase, and (b) 185,579,000in aggregate nominal amount of the 2019 Notes for purchase. Subject to satisfaction of the New Financing Condition on or prior to the Settlement Date, the Company announces that it has decided to set (i) the 2018 Notes Acceptance Amount at 152,250,000 in aggregate nominal amount of 2018 Notes and, accordingly, that it will accept for purchase all 2018 Notes validly tendered pursuant to the relevant Offerwith no pro rata scaling, and (ii) the 2019 Notes Acceptance Amount at 185,579,000in aggregate nominal amount of 2019 Notes and, accordingly, that it will accept for purchase all 2019 Notes validly tendered pursuant to the relevant Offer with no pro rata scaling.
A summary of the final pricing and acceptance of the Offers appears below:
Description of the Notes
2018 Notes Acceptance Amount and 2019 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.
Subject to satisfaction of the New Financing Condition, the Settlement Date in respect of those Notes accepted for purchase is expected to be 2 December 2016. Following settlement of the Offers, 347,750,000.00 in aggregate nominal amount of the 2018 Notes will remain outstanding and 214,421,000.00in aggregate nominal amount of the 2019 Notes will remain outstanding.
Natixis and Socit Gnrale are acting as Dealer Managers for the Offers and Lucid Issuer Services Limited is acting as Tender Agent.
The Dealer Managers
Socit Gnrale
Natixis
17, Cours Valmy
92987 Paris La Dfense
France
Telephone: +33 (0)1 42 13 40 66
Attention: Liability Management Group
Email: liability.management@sgcib.com 
30 avenue Pierre Mends-France
75013 Paris
France
Telephone: +33 1 58 55 80 98
Attention: Liability Management
Email: liability.management-corporate@natixis.com
The Tender Agent

Lucid Issuer Services Limited
Tankerton Works
12 Argyle Walk
London WC1H 8HA
United Kingdom
Telephone +44 20 7704 0880
Attention: Thomas Choquet / Arlind Bytyqi
Email: adecco@lucid-is.com
Further details relating to the contents of this announcement can be obtained from:
David Hancock, Head of Investor Relations, Investor Relations
Telephone: +41 448 78 88 88
DISCLAIMER This announcement must be read in conjunction with the Tender Offer Memorandum. No offer or invitation to acquire any securities is being made pursuant to this announcement. The distribution of this announcement and the Tender Offer Memorandum in certain jurisdictions may be restricted by law. Persons into whose possession this announcement and/or the Tender Offer Memorandum comes are required by each of the Company, the Dealer Managers and the Tender Agent to inform themselves about, and to observe, any such restrictions.

This information is provided by RNS
The company news service from the London Stock Exchange
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