ISS Group to redeem €231.31 million senior subordinated notes due 2016

By Tali David

Minneapolis, May 31 - ISS Group gave notice of a conditional partial redemption of €231,312,000 of its senior subordinated notes due 2016, according to a press release.

The notes will be redeemed at 101.479 plus accrued interest.

The company sold its pest control businesses in several counties and has offered to use the net cash proceeds to purchase a portion of the notes at par (the "excess proceeds offer").

The company said the partial redemption will be conditional upon notes equal to €0 having been tendered in the excess proceeds offer, which ISS may waive in whole or in part subject to a reduction in principal amount of the notes to be redeemed in an amount corresponding to the amount of the notes tendered in the excess proceeds offer.

Copenhagen-based ISS Group offers cleaning, catering, security, property, support and other facility management services.

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