| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers V > Headlines for Viridian Group Ltd. > News item |
Viridian issues contingent call for 7½% notes due 2020 at 103.75
By Susanna Moon
Chicago, Sept. 14 – Viridian Group Ltd. issued a conditional redemption notice for the €540 million of outstanding 7½% senior secured notes due 2020 issued by Viridian Group FundCo II Ltd.
The notes will be redeemed on Sept. 25 at a redemption price of 103.75% of par, or €560.25 million, plus accrued interest to but excluding the redemption date for a total redemption amount of €562.95 million, according to the company notice.
The record date is Sept. 22.
The Bank of New York Mellon is trustee, paying agent, security agent and transfer agent.
The redemption is contingent on the issuer securing enough funds to purchase the notes before the redemption date, the note explained.
The company announced its plans to redeem the notes using proceeds of a new issue.
Viridian said that Viridian Group FinanceCo plc and Viridian Power and Energy Holdings DAC priced €600 million of senior secured notes on Sept. 13 in a sterling tranche due 2024 and a euro tranche due 2025.
Proceeds will also be used to pay a £60 million dividend to Viridian Topco Ltd. and to pay costs, expenses and fees.
Viridian previously redeemed €60 million of the 7½% notes on Aug. 29.
Viridian is a Belfast, U.K.-based supplier of electricity and natural gas to Northern Ireland and Ireland.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.