Norway’s Telenor has launched a tender offer to buy back its €500m bonds due 2014, after which the telco plans to issue new euro-denominated bonds.
In a statement on the Oslo Stock Exchange, Telenor invited holders of its outstanding €500m bond…
Norway’s Telenor has launched a tender offer to buy back its €500m bonds due 2014, after which the telco plans to issue new euro-denominated bonds.
In a statement on the Oslo Stock Exchange, Telenor invited holders of its outstanding €500m bond issue, set to mature on 28 March 2014, to tender their bonds for purchase by cash.
Goldman Sachs and Nordea are acting as dealer managers for the tender offer.
Meanwhile, the telco has mandated ING, Morgan Stanley, Goldman Sachs and Nordea as joint bookrunners for its intended issue of longer-duration, euro-denominated ‘Reg S’ bonds.
In a second stock exchange statement, Telenor said the planned issuance will take place at the company’ sole discretion after the tender offer has expired.
Telenor is also part way through a share buyback programme, first announced on 24 July. The programme includes about 47 million company shares, close to half of which will be repurchased in the market. The rest will be bought from Norway’s trade ministry on a proportionate basis. As such, the ministry’s 53.97% stake in Telenor will remain unchanged. Following its latest, 20 November purchase of 48,966 of its own shares at NOK114.82 each, Telenor owned nearly 15.75 million of its total share capital.
