Avanza’s AG Spring to redeem €31.5 million of its 7˝% notes on May 21

New York, April 21 – AG Spring Finance Ltd. said it will redeem €31.5 million, or 10%, of its 7˝% senior secured notes due 2018 on May 21.

The company, a subsidiary of Avanza Spain SAU, will pay 103% of par for the notes plus accrued interest up to but excluding the redemption date, according to a notice.

Completion of the redemption is subject to conditions, including that the company raises funds from a loan to fund the redemption and the tender offers currently under way, and successful conclusion of the tender offers.

AG Spring abandoned a previously announced redemption of 10% of the 7˝% notes scheduled for April 20 after the tender offers were not completed by the deadline.

Avanza has open a tender offer and consent solicitation for AG Spring’s €315 million of 7˝% notes and the €175 million of 9˝% senior notes due 2019 issued by AG Spring Finance II Ltd.

On April 15, Avanza said it had further extended the tenders, pushing back the expiration date to 11:59 p.m. ET on April 27 from 11:59 p.m. ET on April 23. It was previously extended from 11:59 p.m. ET on April 15.

Madrid-based Avanza Spain is a provider of bus transportation services in Spain and of mass transit bus transportation services in Spain and Portugal.

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