Indesit gets needed consents to amend 4.5% guaranteed notes due 2018

By Jennifer Chiou

New York, March 20 – Indesit Co. SpA announced the successful completion 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.

Indesit held a meeting on March 20 in Rome.

The issuer was 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 was 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 was also looking to change the guarantor to Whirlpool.

As previously 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 delivered 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 were submitted.

The final voting deadline was 11 a.m. ET on March 17. The solicitation began on Feb. 17.

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

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

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

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