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Sensata amends $750 million 6¼% notes due 2026 for re-domiciliation
By Susanna Moon
Chicago, March 16 – Sensata Technologies UK Financing Co. plc said it has amended its $750 million 6¼% senior notes due 2026 after having secured the needed consents.
Sensata has paid the consent fees to noteholders and the amendments have been made to the indenture dated Nov. 27, 2015 with Bank of New York Mellon as trustee, according to a company announcement.
As announced Oct. 11, Sensata Technologies Holding NV’s subsidiaries obtained the needed consents to amend four series of notes in connection with re-domiciliation merger plans.
Sensata Technologies BV was holding consent solicitations for its 4 7/8% senior notes due 2023, 5 5/8% senior notes due 2024 and 5% senior notes due 2025.
Sensata Technologies UK Financing Co. plc was seeking consents for its 6¼% senior notes due 2026.
As announced Oct. 2, the issuers asked for holder approval to amend the definition of the term change of control so that the company’s re-domiciliation merger does not constitute a change of control under the note indentures, which would require the issuers to make an offer to repurchase the notes at 101%.
The consent solicitations ended at 5 p.m. ET on Oct. 10. The record date is 5 p.m. ET on Sept. 2.
The consent fee is $1.50 per $1,000 principal amount.
The re-domiciliation merger is a series of transactions in which the company will merge with a newly formed public limited company dubbed Sensata UK Newco, with the company disappearing and Sensata UK Newco becoming the surviving entity, the release explained.
Barclays and Goldman Sachs & Co. LLC are the solicitation agents. D.F. King & Co., Inc. (212 269-5550 or 800 967-4614) is the information and tabulation agent.
Sensata engages in the development, manufacture and sale of sensors and controls.
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