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Suominen noteholders tender €59.27 million 4 3/8% notes, give consents
By Angela McDaniels
Tacoma, Wash., Sept. 25 – Suominen Corp. received tenders for €59.27 million of its €75 million of 4 3/8% notes due 2019 and plans to accept all of the tendered notes for purchase, according to a company news release.
As previously reported, the company offered 107.2% of par plus accrued interest for the notes.
The tender offer began Sept. 6 and ended at 10:30 a.m. ET on Sept. 18, and the settlement date is expected to be Oct. 2.
The company also solicited consents to amend the notes and plans to refinance its loan facilities.
A noteholders meeting was held at the offices of Nordea Bank AB on Sept. 25.
At the meeting, the company received noteholder approval to amend the terms of the notes to permit the issue of a guarantee for a new issue of notes and new credit facilities and to align key terms of the notes with those of the new issue in order to allow for a “more suitable financing structure.”
Noteholders who submitted consent voting instructions in favor of the proposal before 10:30 a.m. ET on Sept. 18 will receive a fee of 0.25%. Holders who voted in another manner will not receive the fee.
Noteholders could participate in the consent solicitation without participating in the tender offer.
For noteholders who tendered their notes in the tender offer and submitted consents, the 0.25% consent fee is included in the tender offer’s 107.2% purchase price.
The completion of the tender offer is subject to the completion of the new issue of notes.
Noteholders who subscribed for new notes in addition to tendering in the offer could request a unique reference number to receive a priority allocation in the new notes.
Nordea Bank (+45 6161 2996 or Nordealiabilitymanagement@nordea.com) is the joint lead manager, dealer manager and solicitation agent. It is also acting as tender and tabulation agent (is.operations.fi@nordea.com).
Suominen supplies nonwovens for use in consumer products and is based in Helsinki, Finland.
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