SMCP issues call for €290 million 8 7/8% notes for buyout by BiSoho

By Susanna Moon

Chicago, Sept. 30 – SMCP SAS issued a conditional call for its €290 million 8 7/8% senior secured notes due 2020 related to its acquisition by BiSoho SAS.

The redemption price will be 104.438% of par plus accrued interest to but excluding the redemption date, according to a company notice.

The redemption date will be Oct. 10 unless the financing condition has not been met by then.

Accrued interest would be €4,932,900 assuming a redemption date of Oct. 10.

Deutsche Trustee Co. Ltd. is the trustee; Credit Suisse AG, London Branch is the security agent; Deutsche Bank AG, London Branch (+44 0 207 547 6149) is the principal paying agent; and Deutsche Bank Luxembourg, SA is the registrar and Luxembourg transfer agent.

BiSoho expects to acquire SMCP on Oct. 10, and the conditional call is related to the planned acquisition, according to a separate notice.

BiSoho, a company controlled by Shandong Ruyi Technology Group Co. Ltd., is changing its name to SMCP Group and is the issuer of €100 million senior secured floating-rate notes due 2022 and €371 million 5 7/8% senior secured notes due 2023.

SMCP is a Paris-based apparel retailer.

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