Sanitec receives consents to amend 9% notes

New York, March 7- Sanitec International SA said it has received the necessary consents to amend the indenture for its €260 million of 9% senior notes due 2012.

By the consent deadline of 12 p.m. ET on March 4, the company had received tenders and consents for 95.2% of the notes.

The offer expires at 12 p.m. ET on March 18.

As announced on Feb. 18, for each €1,000 principal amount of notes, the company will pay an amount based on a fixed spread of 50 basis points over the 6 7/8% German Bund due May 12, 2005.

The total includes a €25 per €1,000 consent payment that will only be paid to holders who tender and deliver consents by the consent deadline. The notes are callable on May 16, 2005 at €1,090.

The consent solicitation is to amend the note indenture to amend or eliminate substantially all of the restrictive covenants, certain events of default and related provisions. Sanitec also wants to terminate a pledge agreement that would terminate pledges in favor of the trustee given by the company in respect of its holding of shares in Sanitec Oy and loans made by the company to Sanitec Oy.

Holders who tender must deliver consents.

UBS Ltd. (contact Liability Management Group at +44 20 7568 3118), UBS Securities LLC (contact Liability Management Group at 203 719-5479), Royal Bank of Scotland plc (+44 20 7085 6743) and Greenwich Capital Markets, Inc. (203 618-6148) are dealer managers and solicitation agents.

Sanitec is a Finland-based manufacturer and marketer of bathroom accessories and equipment, and vacuum sewage systems.

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