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Lock ends solicitation for two note series; consents no longer needed
By Susanna Moon
Chicago, Dec. 19 – Lock AS said it terminated the consent solicitation for two series of notes after obtaining the needed regulatory approval for its planned acquisition.
The company plans to wrap the acquisition by Jan. 4, so the proposed amendments set out in the consent solicitation are no longer required, according to a company press release.
As previously noted, the company sought to amend its €100 million of senior secured floating-rate notes due 2020 and its €150 million of 7% senior secured notes due 2021.
The company issued the notes in November to partially fund the acquisition of a collection unit from a Spanish bank and, if the acquisition is not completed by Jan. 4, the issuer is required to redeem the notes at par plus accrued interest to the redemption date.
The company previously noted that, while all other approvals have been granted, the completion of the acquisition still required the approval of the Spanish Ministry of Economics.
Because the approval had taken longer than expected, Lock sought holder consent to amend the Jan. 4 temporary notes escrow longstop date to March 4.
The company obtained the needed approval of the Spanish Ministry of Economics on Friday.
The solicitation had been set to end at 1 p.m. ET on Dec. 23. The solicitation began on Dec. 17.
The consent fee would have been €2.50 for each €1,000 principal amount.
Deutsche Trustee Co. Ltd. was the trustee, and Deutsche Bank AG, London Branch was the principal paying agent.
Goldman Sachs International was the solicitation agent (44 20 7774 9862; liabilitymanagement.eu@gs.com), and Lucid Issuer Services Ltd. was the tabulation and information agent (44 20 7704 0880; lindorff@lucid-is.com).
The issuer is based in Oslo.
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