Thomson Reuters
Announces Conditional Redemption of Approximately US$1.7 Billion of Debt Securities
TORONTO, Sept. 5, 2018 -- Thomson Reuters (TSX /
NYSE: TRI) today announced that it has exercised its right to
redeem approximately US$1.7 billion
of its outstanding debt securities, conditional upon the closing of
the company's previously announced sale of a 55% interest in its
Financial & Risk business to private equity funds managed by
Blackstone for approximately US$17
billion. An affiliate of Canada Pension Plan Investment
Board and an affiliate of GIC will invest alongside Blackstone.
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The notes to be redeemed are the following:
- C$750,000,000 principal amount of
4.35% notes due September 30, 2020
(CUSIP No. 884903 BJ3);
- C$500,000,000 principal amount of
3.369% notes due May 23, 2019 (CUSIP
No. 884903 BR5); and
- US$500,000,000 principal amount
of 4.70% notes due October 15, 2019
(CUSIP No. 884903 BG9).
On August 28, 2018, Thomson
Reuters announced that it and Blackstone had agreed to close the
Financial & Risk transaction on October
1, 2018, subject to the satisfaction or waiver of customary
closing conditions. Thomson Reuters plans to fund these redemptions
(and the future redemption of other outstanding debt securities)
using approximately US$4 billion of
the proceeds from the transaction.
The redemption prices will include applicable early repayment
premiums, as well as accrued and unpaid interest through the
redemption date, which is currently expected to be October 5, 2018 for each series of notes.
Based on a conditional redemption date of October 5, 2018, the Canadian dollar denominated
notes are expected to be redeemed at the following redemption
prices per C$1,000 principal amount,
which have been determined based on the Canada Yield Price, as
defined in the applicable documentation governing each series of
notes:
Notes |
C$750,000,000 principal amount of
4.35% notes due September 30, 2020 (CUSIP No. 884903 BJ3) |
C$500,000,000 principal amount of
3.369% notes due May 23, 2019 (CUSIP No. 884903 BR5) |
Canada Yield Price |
C$1,037.24 |
C$1,007.39 |
Accrued and unpaid interest |
C$0.60 |
C$12.46 |
Total redemption price |
C$1,037.84 |
C$1,019.85 |
The total redemption price for the U.S. dollar denominated notes
to be redeemed will be determined at a later date, in accordance
with the applicable documentation governing those notes. When
available, Thomson Reuters will provide the total redemption price
for those notes in the "Investors" section of its website,
www.thomsonreuters.com. Thomson Reuters currently anticipates that
this information will be posted on or about October 2, 2018. In addition, if the redemption
date will be after October 5, 2018,
Thomson Reuters plans to post updated redemption price information
on its website for the Canadian dollar denominated notes.
Non-registered holders (banks, brokerage firms or other
financial institutions) of Canadian dollar denominated notes that
maintain their interests through CDS Clearing and Depository
Services Inc. (CDS) should contact their CDS customer service
representative with any questions about the
redemption. Alternatively, beneficial holders with any
questions about the redemptions should contact their respective
brokerage firm or financial institution which holds interests in
the notes on their behalf.
This news release is for informational purposes only and does
not constitute a notice of redemption, nor an offer to tender for,
or purchase, any notes or any other securities of Thomson Reuters.
There can be no assurances that the Financial & Risk
transaction will close or that any redemption will occur.
Thomson Reuters
Thomson Reuters is the world's leading source of news and
information for professional markets. Our customers rely on us to
deliver the intelligence, technology and expertise they need to
find trusted answers. The business has operated in more than 100
countries for more than 100 years. Thomson Reuters shares are
listed on the Toronto and New York
Stock Exchanges (symbol: TRI). For more information, visit
www.thomsonreuters.com.
SPECIAL NOTE REGARDING FORWARD-LOOKING
STATEMENTS
Certain statements in this news
release are forward-looking, including the company's current
expectations regarding the timing for closing of the Financial
& Risk transaction (which remains subject to regulatory
approval and customary closing conditions), the expected use of
proceeds of the Financial & Risk transaction and the timing and
total redemption prices for the planned redemptions. These
forward-looking statements are based on certain assumptions and
reflect our company's current expectations. As a result,
forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results or events to differ
materially from current expectations, including other factors
discussed in materials that Thomson Reuters from time to time files
with, or furnishes to, the Canadian securities regulatory
authorities and the U.S. Securities and Exchange Commission. There
is no assurance that the redemptions or a transaction involving all
or part of the Financial & Risk business will be completed or
that other events described in any forward-looking statement will
materialize. Except as may be required by applicable law, Thomson
Reuters disclaims any obligation to update or revise any
forward-looking statements.
CONTACTS |
MEDIA
David Crundwell
Senior Vice President, Corporate Affairs
+1 416 649 9904
david.crundwell@tr.com |
INVESTORS
Frank J. Golden
Senior Vice President, Investor Relations
+1 646 223 5288
frank.golden@tr.com |
SOURCE Thomson Reuters