Loxam sets exchange ratios for swapping two 2025 notes for 2028 notes

By Marisa Wong

Los Angeles, April 25 – Loxam SAS announced the exchange ratios for its offer to exchange its €700 million outstanding 3¼% senior secured notes due 2025 (ISIN: XS2031870921) and €119,566,000 outstanding 6% senior subordinated notes due 2025 (ISIN: XS1590067432) for new senior secured notes due 2028, according to a notice.

The new notes to be issued under the exchange offer will have the same terms as the new notes that the company will issue under a concurrent new money offering.

The company announced on Tuesday that it priced €300 million of 6 3/8% notes due 2028 at par to yield 6 3/8% under the new money offering.

The exchange ratio will be 98.5% for the 3¼% notes and 98% for the 6% notes. The exchange ratio is based on the par issuance price of the new money notes and was calculated using an exchange price of 98.5 for the 3¼% notes and 98 for the 6% notes.

The exchange offer began on April 24 and expires at 11 a.m. ET on April 28.

Results and final acceptance amounts will be announced on May 2.

Settlement will be on May 5.

The exchange and information agent is Kroll Issuer Services Ltd. (+44 20 7704 0880; loxam@is.kroll.com; https://deals.is.kroll.com/loxam; attn.: Jacek Kusion / Thomas Choquet).

The company has named as dealer managers J.P. Morgan SE, BNP Paribas, Deutsche Bank AG, Barclays Bank Ireland plc, BofA Securities Europe SA, Credit Agricole CIB, Credit Industriel et Commercial SA, Natixis and Societe Generale.

Loxam is a Paris-based equipment rental services company.

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