CNH Industrial N.V. (NYSE: CNHI /MI: CNHI ) (CNH Industrial or the Guarantor) together with its subsidiary CNH Industrial Finance Europe S.A., a public limited liability company (société anonyme) incorporated and existing under the laws of the Grand Duchy of Luxembourg, having its registered office at 24, boulevard Royal, L-2449 Luxembourg, Grand Duchy of Luxembourg and registered with the Luxembourg Register of Commerce and Companies under number B-155849 (the Company) hereby announce, on a non-binding basis, the indicative results of the Company’s invitation to eligible holders (subject to the offer restrictions referred to below) of the Company’s outstanding €700,000,000 2.875 per cent. Notes due 27 September 2021 guaranteed by CNH Industrial (ISIN: XS1114452060) (the 2021 Notes) to tender their 2021 Notes for purchase by the Company for cash up to an aggregate maximum acceptance amount of €300,000,000 in aggregate nominal amount (the Maximum Acceptance Amount) (the Offer).
The Offer was announced on 5 December 2018 and was made on the terms and subject to the offer and distribution restrictions set out in the tender offer memorandum dated 5 December 2018 (the Tender Offer Memorandum).
Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum. The Offer expired at 5.00 p.m. CET on 12 December 2018 (the Expiration Deadline).
As at the Expiration Deadline, the Company had received valid tenders of €268,445,000 in aggregate nominal amount of 2021 Notes for purchase pursuant to the Offer.
The Company hereby announces its non-binding intention to accept for purchase valid tenders of 2021 Notes pursuant to the Offer for an indicative aggregate nominal amount of €268,445,000, with no pro-rata scaling.
The Purchase Yield, the Interpolated Mid-Swap Rate and the Purchase Price shall be determined at or around 12 noon (CET) today in the manner described in the Tender Offer Memorandum. As soon as practicable after such determination, the Company shall make a further announcement of whether it will accept valid tenders of the 2021 Notes pursuant to the Offer and, if so, (i) the final nominal amount of 2021 Notes it will accept for purchase, (ii) the Interpolated Mid-Swap Rate, (iii) the Purchase Yield, (iv) the Purchase Price and the Accrued Interest and (v) the nominal amount of 2021 Notes that will remain outstanding after the Settlement Date.
The expected Settlement Date for the Offer is 17 December 2018.
Please consult the accompanying PDF on the CNH Industrial Newsroom for the full press release.
London, 13 December 2018