Hoist Kredit extends tender for two series of floaters due 2016, 2017

By Susanna Moon

Chicago, May 25 – Hoist Kredit AB (publ) extended the tender offer for its SEK 1 billion floating-rate senior notes due 2016 and €100 million floating-rate senior notes due 2017.

The tender offer now will end at 11 a.m. ET on May 31, pushed back from 11 a.m. ET on May 24, with settlement still set for June 7.

The offer was extended “in light of the relatively short time between the announcement of the tender offer and the tender deadline,” according to a company notice.

Hoist Kredit said it plans to accept all of the notes tendered so far, as long as the conditions to the offer are met.

As announced May 16, 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.

Holders must tender a minimum of SEK 1 million or €100,000 principal amount of notes.

The company is also soliciting consents from the noteholders to amend some of the note 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 deadline, 11 a.m. ET on May 24, will receive a fee of 10 cents for the SEK notes or 15 cents for the euro notes.

Holders who deliver voting instructions in favor of the proposals after the early deadline but before 11 a.m. ET on May 31 will 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.

The company said it may issue new euro-denominated notes, subject to market conditions and a successful tender offer.

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 Kredit 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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