Leonardo announces final tender results of offers to purchase certain U.S. dollar denominated notes; the aggregate principal amount of notes tendered is approximately $127 million

Rome   18 November 2019 08:39

Leonardo S.p.a. (“Leonardo”) and its subsidiary Leonardo US Holding, Inc. (the “Company”) today announce the final tender results of the Company’s offers (the “Offers”) to purchase its outstanding 7.375% Guaranteed Notes due 2039 (ISIN/CUSIP: US583491AB16/583491AB1 (144A) and USU58200AB97/U58200AB9 (Reg S)) (the “2039 Notes”) and its outstanding 6.250% Guaranteed Notes due 2040 (ISIN/CUSIP: US583491AC98/583491AC9 (144A) and USU58190AA41/U58190AA4 (Reg S)) (the “2040 Notes” and, together with the 2039 Notes, the “Notes”) guaranteed by Leonardo. The terms and conditions of the Offers are described in an offer to purchase (the “Offer to Purchase”) dated 7 November 2019, which is available on www.dfking.com/leonardo. Terms not defined in this announcement have the meanings given to them in the Offer to Purchase. 


The Offers expired at 5:00 p.m., New York City time, on 15 November 2019 (the “Expiration Time”).  


The aggregate principal amount of 2039 Notes validly tendered and not withdrawn by the Expiration Time is $45,310,000 (including $ 3,000,000 aggregate principal amount of 2039 Notes subject to the guaranteed delivery procedures described in the Offer to Purchase). The aggregate principal amount of 2040 Notes validly tendered and not withdrawn by the Expiration Time is $81,368,000. All Notes validly tendered and not withdrawn will be purchased as described in the Offer to Purchase and will be cancelled. The Company expects to pay the Tender Consideration, together with any Accrued Interest, on November 20, 2019 (such date the "Settlement Date”).

The transaction will further reduce interest expenses to be paid over the remaining life of the Notes. The Net Present Value of the transaction is positive for approximately $90 million (approximately €81 million).

 

 

 


Leonardo US Holding, Inc. is a Delaware corporation whose principal offices are located at 1235 South Clark Street, Arlington, VA 22202, United States of America. It is a wholly-owned subsidiary of Leonardo S.p.a.