Garfunkelux conditionally calls six series of sterling, euro, SEK notes

By Taylor Fox

New York, Oct. 26 – Garfunkelux Holdco 2 SA and Garfunkelux Holdco 3 SA issued notices of conditional redemption for six series of notes, according to company announcements.

Garfunkelux Holdco 2 plans to redeem its £230 million 11% senior notes due 2023 (ISIN: XS1308317889, XS1308316568) at 102.75.

Garfunkelux Holdco 3 is calling the following:

• £415 million floating-rate senior secured notes due 2023 (ISIN: XS1681017759, XS1681017163) at par;

• £565 million 8½% senior secured notes due 2022 (ISIN: XS1308301024, XS13083000059) at par;

• £365 million 7½% senior secured notes due 2022 (ISIN: XS1263892561, XS1263891910) at par;

• €530 million floating-rate senior secured notes due 2023 (ISIN: XS1756341779, XS1756364805) at par; and

• SEK 1.28 billion floating-rate senior secured notes due 2023 (ISIN: XS1756365281, XS1756365018) at 102.375.

The redemptions are each subject to a financing condition.

The redemption date will be the later of (i) Nov. 5 and, (ii) if the financing condition has not been met on or before Nov. 4, a later date to be determined by the company with notice to the trustee and noteholders, provided that the redemption date will be no more than 60 days past Oct. 26.

Parent company Lowell announced plans to issue about £1.61 billion equivalent of senior secured notes through Garfunkelux Holdco 3. Proceeds from the new notes will be used to fund the redemptions.

Citibank, NA, London Branch is the trustee and paying agent.

Lowell is a credit management firm with headquarters in Leeds, England, and Essen, Germany.

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