IFCO Systems buys back or redeems all remaining 10% notes due 2016

By Angela McDaniels

Tacoma, Wash., July 1 - IFCO Systems NV has repurchased all of its outstanding 10% guaranteed senior secured notes due 2016, according to a company news release.

The company repurchased €5.7 million of the notes on May 23 through a change-of-control tender offer. It paid €1,010 for each €1,000 principal amount of notes. The offer was held in connection with the acquisition of a majority of the company's shares by Brambles Investment Ltd.

On June 29, the company redeemed €64.3 million, or 33.09%, of the then outstanding notes with the proceeds of an issue of new equity securities and a sale of equity securities held in treasury by the company. IFCO paid €1,100 for each €1,000 of notes.

On June 30, the company redeemed the remaining €130 million of outstanding notes. It paid €1,207 for each €1,000 of notes.

In each case, the company also paid accrued interest.

No further notes of the company are outstanding, according to the release.

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

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