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PRESS RELEASE13 May 2010
Diageo announces final results for Exchange Offer for outstanding Notes due 2014Download file
Diageo, today announced the final results of its offer to exchange up to $1 billion aggregate principal amount of its outstanding 7.375% Notes due 2014 for a cash payment plus an equal principal amount of newly issued 4.828% Notes due 2020 to be issued by Diageo Capital plc, with payment of principal and interest fully guaranteed by Diageo plc. The exchange offer expired at 5:00 p.m., New York City time, on 12 May 2010.
$696,000,000 aggregate principal amount of outstanding 2014 notes were validly tendered and not validly withdrawn in the exchange offer. Upon settlement of the exchange offer, which is expected to occur on Friday, 14 May 2010, Diageo will:
- accept for exchange $696,000,000 aggregate principal amount of the 2014 notes;
- issue to the holders whose 2014 notes are accepted for exchange 2020 notes in an aggregate principal amount of $696,000,000; and
- pay to the holders whose 2014 notes are accepted for exchange cash in an amount equal to (a) $180.13 for each $1,000 principal amount of 2014 notes validly tendered at or prior to 5:00 p.m., New York City time, on 27 April 2010 and not validly withdrawn and (b) $130.13 for each $1,000 principal amount of 2014 notes validly tendered thereafter but before the expiration of the exchange offer and not validly withdrawn.