LSF9 Balta holders exchange 98.7% of 7¾% notes by consent deadline

By Wendy Van Sickle

Columbus, Ohio, Feb. 17 – LSF9 Balta Issuer SA received sufficient support for its ongoing note exchange offer by the early consent deadline to implement it without applying for a scheme of arrangement, according to a news release.

Eligible holders of the €234.9 million outstanding 7¾% senior secured notes due 2022 (Cusips: 126591748, 126596863) tendered €231,878,700, or 98.7%, of the notes for exchange for new senior notes due Dec. 31, 2024 or cash. These holders also submitted voting instructions in favor of some amendments to the terms of the existing notes and their indenture.

The amendments will remove substantially all of the covenants and other obligations and some events of default under the indenture; release all of the guarantors from their obligations; release all of the liens in the collateral granted for the benefit of the holders; reduce the interest rate 3% per annum; and extend the maturity date to Dec. 31, 2030.

Holders of €231,635,700 of the notes tendered opted to exchange their notes for new notes, while holders of €243,000 of notes opted for cash.

The exchange offer was announced on Feb. 2 and will run through March 3.

In connection with the exchange offer, the company’s €61 million European super senior revolving credit facility was automatically extended to June 20, 2024.

Lucid Issuer Services Ltd. (+44 207 704 0880 or balta@lucid-is.com) is the exchange and tabulation agent.

LSF9 Balta is part of Belgium-based Balta Group, a producer of textile floor coverings.

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