The company is seeking to purchase any and all of its 4.850% notes due in July 2027. For the 3.257% senior notes maturing in January 2027, the offer is limited to a "Capped Maximum Amount," calculated as the aggregate principal of the new notes offering minus $614.1 million. The successful execution of these offers is contingent upon the company pricing at least $1 billion in new senior notes, alongside other standard regulatory conditions.
Investors who choose to tender their existing debt may receive priority in the allocation of the new senior notes, provided they communicate their interest to the dealer managers. The company has set a price determination date of July 14, 2026, for the uncapped notes, with a final settlement expected by July 16. BNP Paribas, BofA Securities, and Goldman Sachs are serving as dealer managers for the transaction, while D.F. King acts as the information and tender agent.
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