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Germany’s Techem calls €735 million of 7 7/8% notes, 6 1/8% notes
By Susanna Moon
Chicago, Sept. 21 – Techem Energy Metering Service GmbH & Co. KG issued a redemption notice for its €325 million of 7 7/8% senior subordinated notes due 2020.
The notes will be redeemed on Oct. 1 at a redemption price of 101.969% of par plus accrued interest to but excluding the redemption date for a redemption payment of €344,196,125, according to the company notice.
In a separate notice, Techem GmbH issued a conditional call for its €410 million principal amount of 6 1/8% senior secured notes due 2019.
The notes will be redeemed at 101.531% plus accrued interest to but excluding the redemption date of Oct. 1 for a redemption amount of €428,833,350.
The call for the 6 1/8% notes is conditioned on “the occurrence of an initial utilization” of the senior facilities agreement dated Aug. 3 with Unicredit Bank AG, London Branch as agent before the redemption date, according to the notice.
For each redemption, Deutsche Trustee Co. Ltd. is the trustee, Deutsche Bank AG, London Branch is the principal paying agent, Deutsche Bank Luxembourg SA is the registrar and transfer agent, and Unicredit Bank AG, London Branch is the security trustee.
The record date is Sept. 30.
The company announced plans to call the two series of notes on July 12 and said it would obtain new senior secured term and revolving credit facilities to fund the redemptions.
Techem said on Aug. 3 that it had entered into agreements for a new €1.6 billion senior secured term loan and a €150 million revolving credit facility.
The issuer is an Eschborn, Germany-based provider of energy billing and energy management services for real estate.
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