THE ADECCO GROUP SUCCESSFULLY PLACES EUR 300 MILLION OF 10-YEAR NOTES AND LAUNCHES A TENDER OFFER ON EXISTING NOTES MATURING IN NOVEMBER 2022
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Zurich, Switzerland, 10 May 2019: the Adecco Group (rated BBB+ by S&P, Baa1 by Moody's) has placed EUR 300 million fixed rate notes, maturing in 2029, under its EUR 3.5 billion EMTN Programme (the “New Notes”) to be listed on the London Stock Exchange. The Adecco Group also launched a tender offer for existing notes maturing on 22 November 2022.
The features of the New Notes, which are reserved for institutional investors, are as follows:
Issuer: Adecco International Financial Services B.V.
Adecco Refinancing B.V. (the “Offeror”) has simultaneously launched a tender offer (the “Tender Offer”) of the outstanding EUR 500,000,000 1.500% Notes due 22 November 2022, ISIN XS1237184533 (the “2022 Notes”) issued by Adecco International Financial Services B.V. and guaranteed by Adecco Group AG (formerly known as Adecco S.A.) in accordance with the terms and subject to the conditions of the tender offer memorandum dated 9 May 2019 (the “Tender Offer Memorandum”). The Tender Offer Memorandum and the launch announcement of the Tender Offer have been distributed to holders of the Existing Notes (the “Noteholders”) in accordance with the distribution restrictions contained therein.
The proceeds of the New Notes will be used, in whole or in part, to finance the Tender Offer. The completion of the Tender Offer is subject to the successful completion of the issue of the New Notes (the “New Financing Condition”).
The Tender Offer and issue of New Notes are being made to optimise the Adecco Group's debt maturity profile and cost of capital, in line with the Adecco Group's objectives.
Adecco Group has mandated Credit Suisse as Global Coordinator, BNP Paribas, Mizuho and UniCredit as joint bookrunners on the new issue, and Credit Suisse and BNP Paribas as Dealer Managers on the Tender Offer.
The results and pricing of the Tender Offer are expected to be announced on 17 May 2019.