Cramo accepts tender for €83.73 million of 4.5% notes in Nordea offer

New York, Nov. 28 – Cramo plc said that the financing condition in the tender offer by Nordea Bank Danmark AS for its €100 million of 4.5% notes due February 2018 has now been met.

As a result, the €83.73 million of notes tendered have been accepted for purchase.

Settlement is scheduled for Nov. 29.

Cramo previously said on Nov. 23 that investors had tendered €78,891,000 of the notes.

As announced on Nov. 14, Cramo planned to issue €100 million to €150 million of five-year fixed-rate notes, an offering needed to settle the tender offer.

As of Nov. 23, the new issue condition had not been met; that day the company priced €150 million of 2.375% notes at 99.9485 of par.

In the tender offer, Nordea Bank Danmark was offering €1,052.61 per €1,000 principal amount of 4.5% notes plus accrued interest.

The tender offer ended at 9 a.m. ET on Nov. 22 with settlement expected to occur by Dec. 2.

Noteholders who subscribe for new notes in addition to tendering 4.5% notes may receive priority in the allocation of the new notes, the company previously said.

The new issue allocation may be given for an aggregate nominal amount of new notes up to the aggregate nominal amount of 4.5% notes tendered. New issue allocations will not be subject to pro rata scaling.

The company previously said it was making the offer to proactively manage upcoming debt redemptions and to extend its average debt maturity profile.

Nordea Bank Danmark (NordeaLiabilityManagement@nordea.com or +45 6161 2996) is acting as dealer manager for the tender offer in addition to offeror. Nordea Bank Finland is the tender agent.

Nordea Bank Finland plc and OP Corporate Bank plc are the joint lead managers for the new issue.

Cramo is a rental services company based in Vantaa, Finland.

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