| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Tenders > Headlines for 2019 > News item |
Cramo launches consent solicitation for 2.375% notes due 2022
By Sarah Lizee
Olympia, Wash., March 6 – Cramo plc announced a consent solicitation for its outstanding €150 million 2.375% senior notes due 2022 to amend the terms and conditions of the notes in relation to the partial demerger of Cramo.
All assets and liabilities belonging to the modular space business of Cramo will be transferred without a liquidation procedure to Adapteo plc, a company to be incorporated in the demerger, according to a press release.
Cramo convened a meeting of noteholders to be held on March 22 in Helsinki, Finland, to resolve the proposal.
Noteholders who submit valid voting instructions in favor of the proposal prior to 9 a.m. ET on March 14 are eligible to receive a fee of 0.4% of the principal amount of the notes voted for.
Noteholders who are not eligible to receive the early instruction fee but submit a valid voting instruction before 9 a.m. ET on March 20 or who attend the meeting and sign a valid voting instruction are eligible to receive a fee of 0.1% of the principal amount of the notes voted for.
The payment of any instruction fee is conditional on the proposal being passed at the meeting and the completion of the demerger.
The record date for noteholders is March 15.
Nordea Bank Abp (nordealiabilitymanagement@nordea.com, is.operations.fi@nordea.com or +45 5170 0214) is the solicitation and paying agent.
In addition to the consent solicitation, Cramo said it has already received consents and waivers in relation to the demerger from the lenders under its €375 million term and revolving loan facilities agreement dated June 19, 2014 and from the European Investment Bank under the €50 million loan agreement dated Dec. 22, 2017.
The consent from the European Investment Bank is subject to, among others, the proposal being passed at the meeting by the noteholders.
Cramo is a rental services company based in Vantaa, Finland.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.