Norway’s Lock calls five 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 five 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;

• Lock AS’ NOK 1.68 billion senior secured floating-rate notes due 2020 at par plus a premium;

• €100 million, or 40%, of Lock Lower’s €250 million 9˝% senior notes due 2022 at a purchase price of 109.5% of par; and

• SEK 740 million, or 40%, of Lock Lower’s SEK 1.85 billion floating-rate senior notes due 2022 at 110.455% of par.

Holders also will receive accrued interest to but excluding the redemption date of June 28.

In three more separate notices on Monday, Lock Lower issued a conditional call related to the buyout plans for the remaining notes on June 29 at par plus a premium and accrued interest to the redemption date:

• Lock AS’ €730 million 7% senior secured notes due 2021;

• €250 million 9˝% senior notes due 2022; and

• SEK 1.85 billion floating-rate senior notes due 2022.

The redemption of the 9˝% notes also will be contingent on the Intrum’s acquisition of Lock as well as the redemption of €100 million principal amount of the issuer’s 9˝% notes.

For the floaters due 2022, the call also requires redemption of SEK 740 million principal amount of the notes.

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.

© 2015 Prospect News.
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