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Mondelēz International Announces Early Tender Results of Its Cash Tender Offer and Increase of the Maximum Tender Amount and the Maximum Tender SubCap

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CHICAGO, Oct. 15, 2020 — Mondelēz International, Inc. (NASDAQ: MDLZ) (“Mondelēz International”) today announced the early tender results as of 5:00 p.m., New York City time, on October 14, 2020 (the “Early Tender Date”) for its previously announced offer to purchase (the “Tender Offer”) for cash up to an aggregate amount, including premium, but excluding any Accrued Interest (as defined below), of $1,000,000,000 (such amount as it may be amended, the “Maximum Tender Amount”) of the debt securities listed in the table (the “Notes”) from each holder (individually, a “Holder,” and collectively, the “Holders”) of the applicable Notes, each issued under the applicable indenture, as supplemented by the applicable officers’ certificate, governing each series of Notes.

Title of Security CUSIP / ISIN Applicable Maturity Date / Par Call Date Aggregate Principal Amount Outstanding Acceptance Priority Level(1) Maximum Tender SubCaps Principal Amount Tendered Percentage of Amount Outstanding Tendered
Group 1 Notes         Group 1 SubCap    
7.000% Notes due 2037(2) 50075N AR5 / US50075NAR52 August 11, 2037 $127,947,000 1 $200,000,000 $1,443,000 1.13%
6.875% Notes due 2038(3) 50075N AT1 / US50075NAT19 February 1, 2038 $183,317,000 2 $24,303,000 13.26%
6.875% Notes due 2039(2) 50075N AW4 / US50075NAW48 January 26, 2039 $165,931,000 3 $9,515,000 5.73%
6.500% Notes due 2031(2)(3) 50075N AC8 / US50075NAC83 November 1, 2031 $274,571,000 4 $4,651,000 1.69%
6.500% Notes due 2040(2) 50075N AZ7 / US50075NAZ78 February 9, 2040 $260,540,000 5 $962,000 0.37%
4.625% Notes due 2048 609207 AP0 / US609207AP00 November 7, 2047* $300,000,000 6 $70,816,000 23.61%
Group 2 Notes         Group 2 SubCap    
4.000% Notes due 2024 609207 AB1 / US609207AB14 November 1, 2023* $695,582,000 7 $800,000,000 $203,122,000 29.20%
3.625% Notes due 2023 609207 AQ8 / US609207AQ82 April 7, 2023* $750,000,000 8 $358,922,000 47.86%
3.625% Notes due 2026 609207 AR6 / US609207AR65 December 13, 2025* $600,000,000 9 $248,460,000 41.41%
4.125% Notes due 2028 609207 AM7 / US609207AM78 February 7, 2028* $700,000,000 10 $27,477,000 3.93%
(1) Mondelēz International will accept Notes in the order of their respective Acceptance Priority Level specified in the table above (each, an “Acceptance Priority Level,” with “1” being the highest Acceptance Priority Level and “10” being the lowest Acceptance Priority Level), subject to the terms and conditions described elsewhere in the Offer to Purchase, including the Maximum Tender Amount and each applicable Maximum Tender SubCap.
(2) Issuer formerly known as Kraft Foods Inc.
(3) Admitted to trading on the Regulated Market of the Luxembourg Stock Exchange.
* Refers to the Par Call Date for such series of Notes.

The Tender Offer is being made upon the terms and subject to the conditions set forth in the Offer to Purchase, dated September 30, 2020 (as the same may be amended or supplemented from time to time, the “Offer to Purchase”). Capitalized terms used in this press release but not defined have the meanings given to them in the Offer to Purchase.

Mondelēz International announces that $949,671,000 aggregate principal amount of Notes have been validly tendered and not validly withdrawn prior to the Early Tender Date, including $111,690,000 aggregate principal amount of the Notes listed under the heading “Group 1 Notes” in the table above (the “Group 1 Notes”) and $837,981,000 aggregate principal amount of the Notes listed under the heading “Group 2 Notes” in the table above (the “Group 2 Notes”).

Because the Maximum Tender Amount and the Maximum Tender SubCap of $800,000,000 in aggregate amount, including premium but excluding any Accrued Interest, of the validly tendered Notes listed under the heading “Group 2 Notes” in the table above (the “Group 2 SubCap”) are expected to be reached, subject to the calculation of the consideration to be paid in the Tender Offer, Mondelēz International announces it is increasing the Maximum Tender Amount and the Group 2 SubCap in order to accept for purchase all $949,671,000 aggregate principal amount of Notes validly tendered and not validly withdrawn prior to the Early Tender Date, and no additional Notes tendered after the Early Tender Date will be accepted for purchase pursuant to the Tender Offer. The Withdrawal Deadline expired at 5:00 p.m., New York City time, on October 14, 2020, and has not been extended and, accordingly, Notes validly tendered in the Tender Offer may no longer be withdrawn.

As previously announced, the consideration paid in the Tender Offer will be determined in the manner described in the Offer to Purchase by reference to the applicable fixed spread over the yield to maturity of the applicable U.S. Treasury Security as specified in the table above as calculated by the Lead Dealer Managers for the Tender Offer at 10:00 a.m., New York City time, on Thursday, October 15, 2020.

Holders who have validly tendered (and who have not validly withdrawn) their Notes at or prior to the Early Tender Date and whose Notes are accepted for purchase will receive the applicable “Total Consideration,” which includes an early tender premium of $30 per $1,000 principal amount of the Notes accepted for purchase (the “Early Tender Premium”). In addition to the Total Consideration, all Holders of Notes accepted for purchase will also receive accrued and unpaid interest on such $1,000 principal amount of Notes from the last applicable interest payment date up to, but not including, the applicable settlement date, payable on the applicable settlement date (“Accrued Interest”).

Settlement for Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date and accepted for purchase pursuant to the Tender Offer will be on Friday, October 16, 2020. Notes tendered pursuant to the Tender Offer and not accepted for purchase will be returned to the tendering Holders promptly following the Early Tender Date.

Barclays Capital Inc., BofA Securities, Inc., Credit Suisse Securities (USA) LLC and Mizuho Securities USA LLC are serving as lead dealer managers (the “Lead Dealer Managers”) for the Tender Offer. Global Bondholder Services Corporation is acting as information agent (the “Information Agent”) and depositary (the “Depositary”) in connection with the Tender Offer.

This announcement is for informational purposes only. This announcement is not an offer to purchase or a solicitation of an offer to purchase with respect to any Notes. The Tender Offer is being made solely pursuant to the Offer to Purchase. The Tender Offer is not being made to Holders in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the Tender Offer to be made by a licensed broker or dealer, the Tender Offer will be deemed to be made on behalf of Mondelēz International by the Dealer Managers or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.

The Depositary and Information Agent for the Offers is Global Bondholder Services Corporation. Any questions or requests for assistance or additional copies of this Offer to Purchase may be directed to the Depositary and Information Agent at 65 Broadway – Suite 404, New York, New York 10006, e-mail: [email protected], banks and brokers call: 212-430-3774, all others call toll free (U.S. only): 866-470-4500.

The Lead Dealer Managers for the Tender Offer are Barclays Capital Inc., BofA Securities, Inc., Credit Suisse Securities (USA) LLC and Mizuho Securities USA LLC. Any questions related to the terms of the Tender Offer may be directed to Barclays Capital Inc. at 745 Seventh Avenue, 5th Floor, New York, New York 10019, attention: Liability Management Group, toll free: (800) 438-3242, collect: (212) 528-7581, BofA Securities, Inc. at 620 South Tryon Street, 20th Floor, Charlotte, North Carolina 28255, attention: Liability Management Group, collect: (980) 387-3907, e-mail: [email protected], Credit Suisse Securities (USA) LLC at 11 Madison Avenue, New York, New York 10010, attention: Liability Management Group, toll free: (800) 820-1653, collect: (212) 325-7823, and Mizuho Securities USA LLC at 1271 Avenue of the Americas, New York, New York 10020, attention: Liability Management Group, toll free: (866) 271-7403, collect: (212) 205-7736.

The Senior Co-Managers for the Tender Offer are BBVA Securities Inc., Morgan Stanley & Co. LLC, PNC Capital Markets LLC, Santander Investment Securities Inc., SMBC Nikko Securities America, Inc., Truist Securities, Inc. and U.S. Bancorp Investments, Inc., and the Co-Managers for the Tender Offer are Academy Securities, Inc. and Loop Capital Markets LLC.

About Mondelēz International

Mondelēz International, Inc. (NASDAQ: MDLZ) empowers people to snack right in over 150 countries around the world. With 2019 net revenues of approximately $26 billion, Mondelēz International is leading the future of snacking with iconic global and local brands such as OREO, belVita and LU biscuits; Cadbury Dairy Milk, Milka and Toblerone chocolate; Sour Patch Kids candy and Trident gum. Mondelēz International is a proud member of the Standard and Poor’s 500, Nasdaq 100 and Dow Jones Sustainability Index.

Forward-Looking Statements

This press release contains a number of forward-looking statements. Words, and variations of words, such as “will,” “may,” “expect,” “intend” and similar expressions are intended to identify Mondelēz International’s forward-looking statements, including, but not limited to, statements about the offer to purchase. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Mondelēz International’s control, which could cause Mondelēz International’s actual results to differ materially from those indicated in Mondelēz International’s forward-looking statements. Please see Mondelēz International’s risk factors, as they may be amended from time to time, set forth in its filings with the U.S. Securities and Exchange Commission, including Mondelēz International’s most recently filed Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Mondelēz International disclaims and does not undertake any obligation to update or revise any forward-looking statement in this press release, except as required by applicable law or regulation.

Contact: Tom Armitage (Media) +1 847 943 5678 [email protected] Shep Dunlap (Investors) +1 847 943 5454 [email protected]

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Salaries set to rise in 2021, but employers in the Philippines signal increased caution, says Mercer survey

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  • Companies forecast a 5.6% overall increase in salaries for 2021, but more than half say they expect changes to salary increment levels.
  • Nearly seven in 10 companies have implemented a hiring freeze
  • 14% of companies expect lower bonus payouts for 2021, with one in two stating it is too early to tell

MANILA, PHILIPPINES – Media OutReach – 1 December 2020 – Salaries in the Philippines are projected to increase in 2021 despite the economic fallout from the coronavirus pandemic. Companies in the Philippines are forecasting an average 5.6% overall increase in salaries for 2021, up from 5.3% this year.

 

This is according to the annual Philippines Total Remuneration Survey (TRS) 2020 by Mercer, a global consulting leader in talent, health, retirement, and investments. The survey polled 416 companies across multiple industries in the Philippines between April and June this year, with additional surveys conducted in July and August in light of the fast-changing market environment.

 

The projected salary increments come on the back of an uncertain economic outlook for the Philippines, with Gross Domestic Product (GDP) expected to contract by 8.3% this year. While growth is expected to rebound to 6.5% [1]in 2021, downside risks such as a slower-than-expected global recovery that could weigh heavily on trade and investment, have resulted in caution among companies.

 

Floriza Molon, Mercer’s Career Business Leader for the Philippines said, “Due to the uncertainty, more than half of the companies have indicated that they will delay the increase of salaries or revise salary increment levels. With sustained pressure on businesses to keep costs down, we see that companies are taking a cautious approach with regards to salary budgets.”

 

Across industries surveyed, the Chemical industry is expected to see the biggest rebound in salary increments at 5.5% in 2021, up from 3.9% in 2020. The Consumer, Life Sciences, Energy as well as Retail and Wholesale industries also saw slight increases compared to last year.

Ms Molon added, “While the salary increase budget remains stable in spite of the pandemic, what we are seeing is that companies are increasingly prudent with their compensation policies as well as the allocation of the salary budget. Some of the considerations include how business-critical the roles are, the potential and performance of the employees, flight risk and availability of jobs in the market.” 

Variable Bonuses for 2020 remained stable, but decreases expected in 2021


Overall, average budgeted bonuses for 2020 dipped slightly at 16%, compared to 17% in 2019. The Life Science industry saw the highest increase at 23% compared to 20% in 2019, while bonus payouts decreased in the Consumer, Logistics and Shared Services & Outsourcing industries.

Ms Molon said, “91% of companies provided bonuses in 2020, reflecting their strong performance in 2019. However, we foresee a decrease in bonus payout in 2021 due to the uncertain economic environment.”

Looking ahead, 14% of companies expect the bonus payout for 2021 to be less than the previous year, while 50% say it is too early to tell. Only 8% of companies expect budgeted bonuses to increase in 2021.

With the cautious business outlook, recruitment efforts are expected to slow in the year ahead. 69% of companies in the Philippines indicated that they have imposed a hiring freeze in 2020, with 10% reducing headcount due to the pandemic.

Embracing Flexible Working


The survey has also seen a shift to remote working arrangements among companies in the Philippines. 67% of the organization have implemented remote working arrangements in response to the COVID-19 outbreak with 58% projecting that employees will be more likely to use flexible working arrangement post-pandemic.

Teng Alday, Mercer’s CEO for the Philippines said, “Companies in the Philippines have successfully implemented flexible work arrangements amid the pandemic, with only 14% of companies stating a decrease in the level of productivity. We foresee more employers embracing flexible working arrangement which provides an opportunity for companies to review their compensation and total rewards packages more holistically to adopt variable pay and other reward initiatives such as work-from-home allowances to recognise and retain critical talent.

“As the financial impact of the pandemic continues to play out, companies are taking a cautious approach in light of cost pressures and the need to protect their core business. We encourage companies to adopt strategies that balance economics and empathy as employee engagement and retention will be critical in their road to recovery.”

About Mercer’s Total Remuneration Survey

The Total Remuneration Survey, Mercer’s flagship annual compensation and benefits benchmarking study, identifies current pay practices and benefits policies, as well as budget, hiring and turnover trends for the year ahead. In addition, Mercer also conducts regular pulse surveys throughout the year to keep up with the impact of the rapidly changing business environment and compensation and workforce trends.

For more data and insights from Mercer’s Philippines Total Remuneration Survey 2020, please see here.

About Mercer

Mercer builds brighter futures by redefining the world of work, reshaping retirement and investment outcomes, and unlocking real health and well-being. Mercer’s more than 25,000 employees are based in 44 countries and the firm operates in over 130 countries. Mercer is a business of Marsh & McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people, with 75,000 colleagues and annualized revenue approaching $17 billion. Through its market-leading businesses including Marsh, Guy Carpenter and Oliver Wyman, Marsh & McLennan helps clients navigate an increasingly dynamic and complex environment. For more information, visit www.mercer.com. Follow Mercer on Twitter [View Image]@Mercer.

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Lee Kum Kee Sauce Group Appoints Ms. Katty Lam as Chief Executive Officer

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HONG KONG SAR – Media OutReach – 1 December 2020 – Lee Kum Kee Sauce Group announces the appointment of Ms. Katty Lam as Chief Executive Officer with effect from today.

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Ms. Katty Lam has over 25 years’ work experience with renowned multinational food companies. Prior to joining Lee Kum Kee, Ms. Lam was Danone’s Regional Vice President, Greater China — Early Life Nutrition Division. Began her career with KPMG as an auditor, Ms. Lam later joined PepsiCo China, with her last position being the Chairman, Greater China Region. During her 22-year tenure with PepsiCo, she served in different management roles in finance, marketing, beverage bottling and foods operations. Ms. Lam holds an MBA from the University of Portland, US, and a bachelor’s degree in Accountancy from the City University of Hong Kong.

Mr. Charlie Lee, Chairman of Lee Kum Kee Sauce Group, welcomed Ms. Lam: “With her extensive experience, Ms. Lam will lead the Group’s overall business strategy and development, strengthen collaboration and drive innovation initiatives to ensure the Group continues to be recognised as a global leader in Asian sauces and condiments. Together, we will work towards our vision of ‘Where there are people there is Lee Kum Kee’.”

ABOUT LEE KUM KEE

Lee Kum Kee was established in 1888 by its founder Mr. Lee Kum Sheung. With its sustainable development in 132 years, Lee Kum Kee has become a household name of sauces and condiments, as well as an international brand and “a symbol of quality and trust”. Spanning over three centuries, Lee Kum Kee is a globally renowned multinational corporation offering over 200 types of sauce and condiment to over 100 countries and regions. Please visit www.LKK.com for further details.

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“Emma by AXA”, your insurance and healthy living partner Download now to enjoy first-in-market free “Post-Vaccination Protection”

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HONG KONG SAR – Media OutReach – 30 November 2020 – Emma by AXA — AXA‘s all-in-one insurance & health services platform is now providing first-in-market free “Post-Vaccination Protection”. Hong Kong and Macau residents can enjoy one year of free “Post-Vaccination Protection” by downloading the Emma by AXA app and completing a simple registration. The offer is applicable to all Hong Kong and Macau residents aged 18 to 65, with a valid Hong Kong or Macau ID card. Each applicant can register for four of his/her family members (spouse or child) aged 65 or below. Limited quota only, first come-first served.

Emma by AXA has been launching in phases since May 2019, providing a comprehensive range of insurance and healthy living services, with four key features:

Symptom Checker — An AI-powered chat functionality that integrates the U.S. top medical group Mayo Clinic’s algorithms. It can understand the symptoms input by users and provide useful information.

Find a Doctor — Find the most suitable AXA panel doctors based on consultation type and preferred location.

Make a Claim — Submit medical claims based on eligibility and track the claim status at any time.

Mind Charger — A mindfulness meditation tool with selective modules guided by the renowned yoga instructor, Margaret Chung. Through this tool, users can enhance their daily lives and build up resilience by making mindfulness a regular practice. Modules include Relax and Unwind, Problem Solving, Positivity and Building Resilience.

Download “Emma by AXA” to get the first-in-market free “Post-Vaccination Protection” *

From today, Hong Kong and Macau residents aged 18 to 65, holding a valid Hong Kong or Macau identity card, can get one year free “Post-Vaccination Protection” simply by downloading the Emma by AXA mobile app and completing a simple registration. Each applicant can register for four of his/her family members (spouse or child) aged 65 or below. Limited quota only, first come-first served.

Post-Vaccination Protection: Free hospital and death benefits

Hospital benefit:  HKD700 per day for up to 10 days payable to eligible applicant who is diagnosed with an Adverse Event Following Immunisation (AEFI) within 14 days post-vaccination and is confined in a hospital.

Death benefit: A one-off lump sum of HKD100,000 payable to eligible applicant’s estate if the applicant is diagnosed with an AEFI within 14 days post-vaccination and its complications result in death.

To learn more about the “Post-Vaccination Protection”, please contact AXA Customer Service Hotline (852) 2894 4679 (Hong Kong) / (853) 8799 3778 (Macau) during office hours (9am — 5pm, Monday to Friday), or visit axa.com.hk.

Scan the QR code to download “Emma by AXA”

[View Image]

 

*Complimentary protection is applicable to adults and children who take vaccination, subject to terms and conditions. For details, please visit axa.com.hk/en/axa-post-vaccination-protection-programme.

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