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CIR to pay €237 million to wrap tender offer, redemption of 5¾% notes
By Susanna Moon
Chicago, Oct. 14 – CIR – Compagnie Industriali Riunite SpA said it secured the needed majority votes from holders of its €210,162,000 of outstanding 5¾% notes due 2024 at a meeting Monday.
The company held a meeting in Milan to seek holder approval of a proposed extraordinary resolution to allow CIR to redeem any notes outstanding following the tender offer that began Sept. 9 and ended at 11 a.m. ET on Oct. 1.
Holders tendered about €107,192,000 of notes, according to a company notice.
The company also said it received voting-only instructions for €6,533,000 of notes, obtaining a total amount of votes in favor of amending the note terms for an aggregate nominal amount of €113,725,000.
The company expects to pay €237,147,254.28 on Thursday to settle the offer and proposal.
As previously announced, the tender offer price is 108 of par plus accrued interest, and the early redemption amount is 107 plus accrued interest.
Those who delivered consents to the proposed resolution will receive a 1% consent amount.
The offer and proposal are part of CIR’s effort for more efficient liquidity management, the company previously said.
The company needed to obtain votes for the resolution from the holders of the higher of (a) half of the outstanding notes and (b) two-thirds of the notes represented at the meeting.
The dealer managers were Societe Generale (44 20 7676 7579 or liability.management@sgcib.com) and UniCredit Bank AG (39 02 8862 0581, 49 89 3781 7425 or dcmitaly@unicredit.eu/corporate.lm@unicredit.de).
The tender agent was Lucid Issuer Services Ltd. (44 20 7704 0880, attn: Thomas Choquet; cir@lucid-is.com).
The issuer is a Milan-based holding company that heads an industrial group involved in media, automotive components, health care, non-core investments and energy.
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