Indesit solicits consents for €300 million 4.5% guaranteed notes due 2018

By Jennifer Chiou

New York, Feb. 17 – Indesit Co. SpA announced the launch of the consent solicitation for its €300 million of 4.5% guaranteed notes due April 26, 2018.

The notes are guaranteed by Indesit Co. Luxembourg SA.

The issuer is seeking holder consent to amend the trust deed and the terms and conditions of the notes in connection with its 2014 acquisition by Whirlpool Corp. Indesit is looking to better align the conditions of the 4.5% notes with the terms and conditions of notes and bonds issued by Whirlpool, according to a company filing.

The company is also looking to change the guarantor to Whirlpool Corp.

As reported, Whirlpool wholly owned subsidiary, Whirlpool Italia Holdings Srl, acquired a 56% stake in Indesit in October. At the time, the stake represented 61.9% of the voting stock of Indesit.

Those who deliver consents by 11 a.m. ET on March 2, the early voting deadline, will receive a consent payment equal to 0.15% of the nominal amount of notes for which consents are submitted.

The final voting deadline is 11 a.m. ET on March 17.

Indesit said it will hold a meeting on March 20 in Rome.

Lucid Issuer Services Ltd. is the tabulation agent (44 207 704 0880 or indesit@lucid-is.com).

BNP Paribas Trust Corp. UK Ltd. is the trustee.

Based in Fabriano, Italy, the issuer manufactures household appliances.

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