If anyone can translate this into simple terms, I'd be grateful.
Corporate action detail
Investment TESCO 6% SNR NTS 14/12/2029 GBP1000 '14'
Description Tender Shares
Notes Tesco plc have announced a Tender Offer to purchase up to GBP500,000,000 of certain series of Notes, less the sum of the pounds sterling equivalent of the aggregate nominal amount (if any) of notes accepted for purchase pursuant to the separate 2047 Notes offer, and pursuant to the separate US tender offer amount.
Under the terms of the offer, tenders for holders of 6 percent 2029 Notes must be submitted in respect of a minimum of GBP1,000 and integral multiples of GBP1,000 in excess thereof .
In respect of each series of notes, the company will pay for any notes of the relevant series validly tendered and accepted for purchase by the company pursuant to the relevant offer a purchase price for such notes by reference to the sum of:
(i) the relevant purchase spread and
(ii) the relevant benchmark security rate
The final purchase price will be determined at or around 13:00 on 3 July 2017. For full details of the way in which the purchase price will be calculated, including the purchase spread and the benchmark security rate relevant to each series of notes, please see pages 1 and 2 of the Tender Offer Memorandum linked to below.
The final settlement date for the offer is expected to be on or around 6 July 2017. Accrued and unpaid interest on the Notes will be paid up to, but not including, the settlement date.
Please note that Notes tendered in the US tender offer and in the separate 2047 Notes offer will be purchased in priority to the series of notes under this offer. For full details of the offer purchase priority, please see pages 2 and 3 in the Tender Offer Memorandum linked to below.
The offer may also be subject to proration in the event that the maximum tender amount, as described above, is exceeded. For full details of the way in which the proration factor for each series of notes will be calculated, please see page 15 of the Tender Offer Memorandum linked to below.
To view the Tender Offer Memorandum in full please copy and paste the link below into your web browser:https://sites.dfkingltd.com/TescoEUROFFER/Home/
Please note that you will be required to register on the above website to obtain a password to access the relevant documentation.