Officine Maccaferri to hold bondholder meeting for 5¾% notes due 2021

Chicago, May 4 – Officine Maccaferri SpA is inviting noteholders of its €190 million 5¾% senior notes due 2021 (ISINs: XS1074643013, XS1074596344) to a meeting on May 20 on a first call to approve resolutions to the indenture for the notes, according to a notice.

A quorum is necessary within 15 minutes of the 5 a.m. ET start time.

The company will hold a second call on May 21, if a quorum is not represented.

The company is seeking consents to facilitate its restructuring and re-launch through the procedura di concordato preventivo con riserva under Italian insolvency law.

An ad hoc group of bondholders representing around 54% of the outstanding notes have agreed to consent to the proposals.

The notes mature on June 1, 2021. If the issuer is not able to repay the notes, the guarantors will be liable for the outstanding principal amount of notes.

If the proposed amendments become effective, the ad hoc group have agreed to not exercise their rights as holders regarding the outstanding interest amounts, will rescind any declaration of acceleration under the indenture as a result of outstanding interest amounts and refrain from issuing a demand on the note guaranteed during the restructuring procedure.

Any amounts that have been due and payable on Dec. 1, 2019, June 1, 2020 and Dec. 1, 2020 will be unaffected by the amendments and will be due and payable.

Consents can be delivered before 11 a.m. ET on May 17. No consent fee will be paid.

The information and tabulation agent is Morrow Sodali SpA (Italy: +39 0697858863, London: +44 20 8089 3287, U.S.: 203 609-4910, maccaferri@investor.morrowsodali.com, https://bonds.morrowsodali.com/maccaferri).

Officine Maccaferri is a Bologna, Italy-based building products company.

© 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.