Officine Maccaferri announces success of consent bid for 5¾% notes

By Wendy Van Sickle

Columbus, Ohio, March 16 – Officine Maccaferri SpA announced the success of its consent solicitation for its €190 million 5¾% senior notes due 2021.

Holders representing €139.93 million, or 73.64%, of the outstanding bonds approved the three resolutions proposed under the solicitation at a bondholders meeting on March 10, according to a notice.

All votes cast were in favor of the resolutions.

The agenda for the meeting included:

• Appointment of Ernesto Apuzzo as the noteholders’ representative;

• Establishment of a fund for expenditure necessary for the protection of common interests; and

• An amendment to the indenture.

The amendment would, among other things, allow the company to receive loans for an amount of up to €70 million to support its relaunch and improve its liquidity position; be able to start a restructuring and relaunch process without an “automatic acceleration” of the notes; and to issue additional notes for a total nominal value of €780,000 to an ad hoc group of noteholders as consideration for the agreements reached under the forbearance agreement dated Feb. 16.

For the first and second agenda items, the vote required to pass the relevant resolutions was one or more persons present that hold or represent holders of more than one half of the total principal amount of the outstanding notes.

As for the third agenda item, the vote required to pass the resolutions was 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 offered a €2.00 consent fee per €1,000 of notes that would only be paid if holders representing 75% of the total principal amount outstanding notes delivered their consents. The fee will not be paid, as that condition was not met, according to Monday’s notice.

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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