Hoist Kredit begins tender offer, consent solicitation for floaters

By Angela McDaniels

Tacoma, Wash., May 16 – Hoist Kredit AB (publ) began a tender offer for its SEK 1 billion floating-rate senior notes due 2016 and €100 million floating-rate senior notes due 2017, according to a company news release.

The company is offering 102.2% of par plus accrued interest for the Swedish krona-denominated notes and 103.3% of par plus accrued interest for the euro-denominated notes.

The tender offer will end at 11 a.m. ET on May 24, and the expected settlement date is June 7.

Holders must tender a minimum of SEK 1 million or €100,000 principal amount of notes, as applicable, in order to participate.

The company is also soliciting consents from the noteholders to amend some of the notes’ terms and conditions.

Holders who tender will be deemed to have given consents to the proposals, which will allow the company to establish new financing arrangements and to pursue a merger of the company and the parent company, Hoist Finance AB (publ).

Holders who deliver voting instructions in favor of the proposals before the early bird consent fee, 11 a.m. ET on May 24, may be eligible to receive a fee of 10 center for the SEK notes or 15 cents for the euro notes.

Holders who deliver voting instructions in favor of the proposals after the early bird consent fee but before 11 a.m. ET on May 31 may be eligible to receive a fee of 5 cents for both series of notes.

Noteholder meetings will take place in Sweden at 4:30 a.m. ET on June 2 for the euro-denominated notes and at 5:30 a.m. ET on June 2 for the krona-denominated notes.

In order for the proposals to be passed at the noteholders’ meetings, quorums of at least 20% of the adjusted nominal amount and majorities of at least 50% of the adjusted nominal amount must be reached.

Holders may cast a vote at the noteholders' meetings by participating in person or via representation by proxy.

Noteholders who wish to tender their notes or be eligible to receive consent fees should not participate in person or via representation by proxy. They should instead use the tender and voting instruction form or consent voting instruction form (but not both) annexed to the consent solicitation and tender offer memorandum.

Subject to market conditions and a successful tender offer, the company may issue new euro-denominated notes. It has mandated Credit Suisse Securities (Europe) Ltd., Danske Bank A/S and Nordea Markets to arrange for investor meetings for the potential issue of new notes.

The dealer managers and solicitation agents for the tender offer are Credit Suisse (44 20 7883 8763 or liability.management@credit-suisse.com), Danske Bank (46 (0)8 56 88 06 35 or patric.carlsson@danskebank.se) and Nordea Bank Danmark A/S (45 3333 1675, bibi.larsen@nordea.com or LiabilityManagement@nordea.com).

The tender and paying agent is Nordea Bank AB (publ) (IssuerSeCustodian@nordea.com).

Hoist Finance offers services for the acquisition and management of non-performing unsecured consumer loans. Parent company Hoist Finance is based in Stockholm.

© 2015 Prospect News.
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