WASHINGTON (dpa-AFX) - International Flavors & Fragrances Inc. (IFF) Friday has released the early tender results for its cash tender offers targeting certain outstanding senior notes and announced increases to multiple purchase caps.
The company raised the Pool 1 Maximum Amount from $1 billion to $1.1 billion and Pool 2 Maximum Amount from $800 million to $900 million. It also increased the 2027 Series Tender Cap to $400 million (from $300 million) and the 2050 Series Tender Cap to approximately $649.1 million (from $600 million). The tender caps for the 2025 and 2040 Notes remain at $500 million and $450 million, respectively.
The early tender deadline was 5:00 p.m. (ET) on May 15, 2025. As per D.F. King & Co., the tender agent, the amount of tendered notes exceeded the amended maximum purchase limits in both pools. IFF will therefore only accept a portion of those notes, adhering to acceptance priority levels, caps, and proration terms outlined in the Offer to Purchase.
For Pool 1, IFF expects to accept $500 million of the 2025 Notes and $400 million of the 2027 Notes. The 2030 Notes will be accepted on a prorated basis, while the 2028 Notes are not expected to be accepted. In Pool 2, IFF plans to accept all valid tenders of the 2050, 2040, and 2047 Notes, while the 2048 Notes will be prorated.
Payment is expected on May 20, 2025, and will be funded from proceeds from the recent sale of IFF's Pharma Solutions business. The tender offers expire on June 2, 2025, unless extended or terminated earlier.
All purchased notes will be canceled and removed from circulation. The Total Consideration per $1,000 principal will be calculated based on the fixed spread over U.S. Treasury yields as of May 16, 2025. Only investors who tendered before the early deadline are eligible for early payment and accrued interest.
IFF stated that it may, subject to law, adjust tender offer terms, including caps and amounts, or waive conditions without applying changes across all offers.
Lead dealer managers include Barclays, BNP Paribas, and BofA Securities. D.F. King & Co. is the tender agent. Further details are available in the Offer to Purchase.
IFF is currently trading trading $77.14 or 1.33% higher on the NYSE.
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