By Susanna Moon
Chicago, May 28 – Ferrexpo Finance plc said it began an exchange offer and consent solicitation for its $285,669,000 of outstanding $500 million 7 7/8% guaranteed notes due 2016.
The company is offering to exchange the notes on a par for par basis and is soliciting consents to amend the notes, according to a company notice.
In exchange for tendered notes, holders will receive an amount of dollar-denominated 10 3/8% guaranteed amortizing notes due April 7, 2019 (Caa3/CCC+/CCC) equal to 65% of par and cash equal to 35% of par.
In addition, holders who submit exchange instructions by 11:59 p.m. ET on June 15, the early exchange and consent deadline, will receive the early consent fee of $20 per $1,000 principal amount.
Those who give their exchange instructions after the early deadline will receive the base consent fee of $5 per $1,000 principal amount.
Holders voting against the extraordinary resolution will not receive a consent fee.
The exchange offer and consent solicitation will end at 11:59 p.m. ET on June 30, with settlement on July 6.
A meeting has been set for July 2 in London.
The company said that it is conducting the exchange offer and consent bid because, “In light of the current iron ore price environment and the recent changes in the outlook for iron ore prices, the issuer would like to address the maturity profile of its debt portfolio so that it better matches the expected cash generation of the group.”
The dealer manager is Deutsche Bank AG, London Branch (+44 20 754 76153 / +44 20 754 76568 or ferrexpo.lm@list.db.com).
The exchange and tabulation agent is Lucid Issuer Services Ltd. (+44 0 20 7704 0880 or ferrexpo@lucid-is.com).
Ferrexpo is a Zug, Switzerland-based resources company with assets in Ukraine.
New issue
| Issuer: | Ferrexpo Finance plc
|
| Issue: | Guaranteed amortizing notes
|
| Maturity: | April 7, 2019
|
| Coupon: | 10 3/8%
|
| Ratings: | Moody’s: Caa3
|
| Standard & Poor’s: CCC+
|
| Fitch: CCC
|
|
|
© 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.
