(Alliance News) - Signature Aviation PLC on Friday said it launched a tender offer after markets closed on Thursday to buy all of its outstanding 4.000% senior notes due 2028 for cash.
The aviation services company headquartered in London said the tender offer is being conducted in connection with the proposed acquisition of Signature by Brown Bidco Ltd, which is expected to complete in the second quarter of 2021.
Back in February, Brown Bidco and Signature Aviation reached agreement on a recommended cash acquisition by Bidco of Signature.
On Wednesday, Brown Bidco said HSBC Bank US, National Association agreed to become a lender in relation to its acquisition of Signature. The offer values Signature at USD4.73 billion, about GBP3.46 billion.
Brown Bidco is a newly formed company indirectly owned by Blackstone Infrastructure, Blackstone Core Equity, Global Infrastructure Partners and Cascade Investment LLC.
Shares in Signature Aviation were up 0.7% at 410.50 pence in London on Friday.
By Zoe Wickens; zoewickens@alliancenews.com
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