Kiko gets default waiver for 6½% notes, extends by one year to 2021

By Susanna Moon

Chicago, July 26 – Kiko SpA said it secured a waiver for the default that occurred under its €100 million 6½% senior secured notes due Dec. 10, 2020.

The company previously said that it would skip the interest due June 10.

At the meeting held Tuesday, noteholders also agreed to amend the notes to postpone the maturity until Dec. 31, 2021 and to allow payment of the principal to be made in installments, according to a notice.

Holders also consented to changes to the financial covenants and to release Kiko USA, Inc. as guarantor, the release noted.

BNP Paribas Securities Services, Milan Branch is the security agent.

The company also said that on July 25, Odissea Srl and Sagittarius 75 SA, as shareholders of the issuer, entered into an investment agreement with PI2 Sarl for the acquisition of a minority stake in the share capital of the issuer.

Kiko is a Milan-based cosmetics company.

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