IFCO tenders for 10% senior notes due 2016 in change-of-control offer

By Susanna Moon

Chicago, April 20 - IFCO Systems NV said it will repurchase for cash its outstanding 10% guaranteed senior secured notes due 2016 in a change-of-control offer.

Under the note terms, the company is required to offer to buy the notes after a change of control occurred when Brambles Investment Ltd. acquired a majority stake in the company on March 31.

The company will pay €1,010 for each €1,000 principal amount of notes tendered by the offer expiration at noon ET on May 23. The final acceptance time will be 1 p.m. ET on May 27.

Holders will also receive accrued interest up to the repurchase date, which is expected to be June 2.

Deutsche Bank AG, London Branch (+44 20 7547 5000) is the tabulation agent.

The issuer is an Amsterdam-based logistics provider. Brambles provides supply chain and information management solutions and is based in Sydney, Australia.

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