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Officine Maccaferri announces consent bid for 5¾% notes due 2021
By Sarah Lizee
Olympia, Wash., Feb. 24 – Officine Maccaferri SpA launched a consent solicitation for its €190 million 5¾% senior notes due 2021 and set an initial meeting for bondholders at 5 a.m. ET on March 10, according to a notice.
A second meeting may be held on March 11 if a quorum is not met at the first meeting.
The agenda for the meeting will include
• Appointment of a noteholders’ representative;
• Establishment of a fund for expenditure necessary for the protection of common interests; and
• An amendment to the indenture.
For the first and second agenda items, the vote required to pass the relevant resolutions will be, in the case of the initial meeting, one or more persons present that hold or represent holders of more than one half of the total principal amount of the outstanding notes, and in the case of the second meeting, one or more persons present that hold or represent holders of more than one third of the total principal amount of the outstanding notes.
As for the third agenda item, the vote required to pass the resolutions will be, in the case of both the initial meeting and the second meeting, one or more persons present that hold or represent holders of more than one half of the total principal amount of outstanding notes.
The issuer is offering s €2.00 consent fee per €1,000 of notes. The fee will only be paid if holders representing 75% of the total principal amount outstanding notes have delivered their consents.
Consents are due by noon ET on March 5 for holders who do not wish to attend a meeting.
Consents must be submitted for a minimum nominal amount of no less than €100,000 and in integral multiples of €1,000 onward.
Morrow Sodali SpA (+39 0645 212833, +44 20 7355 0615, 212 324-4934 and maccaferri@investor.morrowsodali.com) is the information agent and tabulation agent.
Officine Maccaferri is a Bologna, Italy-based building products company.
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