Lowell/Garfunkelux to pay down, amend revolver with notes proceeds

By Cady Vishniac

Detroit, Oct. 21 – Lowell plans to repay drawings under its revolving credit facility using a portion of the proceeds from a £1.61 billion offering of senior secured notes in a combination of euro- and sterling-denominated fixed-rate notes and euro-denominated floating-rate notes through its subsidiary, Garfunkelux Holdco 3 SA, according to a press release.

Lowell will also amend its revolving credit facility to extend its maturity, among other changes.

The new senior secured notes and shareholder contributions coming to £600 million will also be used for general corporate purposes and to redeem £565 million 8.5% senior secured notes due 2022, €365 million 7.5% senior secured notes due 2022, €415 million floating rate senior secured notes due 2023, €530 million floating rate senior secured notes due 2023, SEK 1.28 billion floating-rate senior secured notes due 2023 and £230 million 11% senior notes due 2023.

Lowell maintains headquarters in Leeds, England, and Essen, Germany.

© 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.