Outokumpu issues call for 10% of 7¼% secured notes due 2021 at 103

By Susanna Moon

Chicago, May 10 – Outokumpu issued a redemption notice for €25 million of its €250 million 7¼% senior secured notes due 2021.

The notes will be redeemed on June 16 at a redemption price of 103% plus accrued interest.

As a result of the partial redemption, the new outstanding principal amount will be €900 for each €1,000 of notes, and the total outstanding amount will be reduced to €225 million, according to the company notice.

The redemption is “part of the group’s cost reduction measures” being made to reduce interest expenses, the company noted.

The redemption has no impact on Outokumpu’s net debt or gearing, the company added.

The company is an Espoo, Finland-based stainless steel producer.

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