Nippon Sheet Glass (NSG) has made a cash offer to buy back Pilkington“s only outstanding bond, the UK glassmaker said on 3 May 2006.
Pilkington, which agreed to be bought by Nippon Sheet Glass in Fe…
Nippon Sheet Glass (NSG) has made a cash offer to buy back Pilkington“s only outstanding bond, the UK glassmaker said on 3 May 2006. Pilkington, which agreed to be bought by Nippon Sheet Glass in February 2006 for more than USD 5 billion, said Nippon Sheet Glass UK Enterprises had offered to buy back Pilkington“s EUR 350 million, 6.5% variable coupon notes due 2008. Pilkington said in a statement it would seek consent from noteholders to amend the terms of the notes at a 25 May 2006 meeting to allow their early redemption. Bondholders who tender before 17 May 2006 will receive a spread of 20 basis points over the 3.5% Bund due 2008. All other noteholders will receive a spread of 45 basis points over, Pilkington said. UBS is managing the deal.