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Norway’s Lock calls four note series, contingent on buyout by Intrum
By Susanna Moon
Chicago, June 19 – Lock Lower Holding AS and subsidiary Lock AS issued a contingent call for four series of notes in connection with Intrum Justitia AB (publ)’s planned acquisition of Lock TopCo AS, the parent company.
The issuer’s obligation to redeem the notes is conditioned upon Intrum’s acquisition of Lock TopCo and the closing of one or more financing transactions by Intrum with enough proceeds to fund the note purchases, according to four separate company notices.
Specifically, the issuers notified holders of the conditional redemption or partial redemption of the following notes on June 28:
• Lock AS’ €552.5 million floating-rate senior secured notes due 2020 at a purchase price of par plus any additional amounts;
• €100 million, or 40%, of Lock Lower’s €250 million 9˝% senior notes due 2022 at a purchase price of 109.5% of par;
• SEK 740 million, or 40%, of Lock Lower’s SEK 1.85 billion floating-rate senior notes due 2022 at 110.455% of par; and
• Lock AS’ NOK 1.68 billion senior secured floating-rate notes due 2020 at par plus a premium.
Holders also will receive accrued interest to but excluding the redemption date of June 28.
Deutsche Trustee Co. Ltd. is the trustee; Deutsche Bank AG, London Branch (+44 20 7547 6149) is the paying agent and transfer agent; and Deutsche Bank Luxembourg, SA is the registrar.
Nordea Bank AB (publ) filial i Norge is the Norwegian paying agent.
Intrum Justitia is a Stockholm-based company that provides credit management services and solutions.
Lock is a debt issuing vehicle based in Oslo. Lock AS operates as a subsidiary of Lock Lower Holding AS.
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