PROSF - Prosus makes offer for $2.2B worth of short-term debt

Prosus (PROSY -4.4%) has announced a refinancing via cash tender offer for any and all of its 5.5% notes due 2025 and 4.85% notes due 2027. There are $1.2B outstanding of the 2025 notes, and $1B outstanding 2027 notes. Securities that it purchases in the offer will be retired and canceled. Prosus will pay a purchase price based on yield to maturity plus a fixed spread. The fixed spread on the 2025 notes is 35 basis points, while the spread on the 2027 notes is 105 basis points. Price determination will come in one week, with the tender offer expiring at the end of that day. The securities were issued by Prosus and guaranteed by Naspers (NPSNY -5.1%).

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Prosus makes offer for $2.2B worth of short-term debt