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Findus gets consents for amendments, waivers to 8¼%/9% PIK notes
By Susanna Moon
Chicago, Nov. 3 – Young’s Seafood International Holdings Ltd., formerly known as Findus Group, said holders delivered the needed majority consents for amendments and waivers to Findus PIK SCA’s €200 million 8¼%/9% senior PIK notes due 2019.
The issuer paid €12.50 per €1,000 principal amount of notes.
The consent solicitation ended at noon ET on Oct. 23. The solicitation began on Oct. 19.
As previously announced, the proposed amendments and waivers were in connection with the proposed divestiture of 100% of the issued share capital of Findus Sverige AB and its subsidiaries to Iglo Foods Group Ltd. by Liongem Sweden 1 AB.
The waivers and amendments permit the divestiture and allow the issuer to hold non-cash consideration received as part of the divestiture and amendments to the issuer’s debt and restricted payment capacity to calibrate to the issuer’s post-divestiture operations.
Findus PIK is a special purpose vehicle of London-based frozen food and seafood company Findus Group.
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The company said it also discharged Findus Bondco SA’s €305 million 9 1/8% senior secured notes due 2018 and its £150 million 9½% senior secured notes due 2018.
Findus called on Oct. 23 the 9 1/8% euro notes at 104.563 and 9½% sterling notes at 104.75, with the redemption date set for Nov. 3.
The company also will pay accrued interest to the redemption date.
The redemption was conditioned on Findus PIK collecting the needed majority of consents to amend its PIK notes due 2019 for its planned divestiture, which was satisfied Oct. 22, and completion of the planned sale.
As previously announced, the proposed amendments and waivers were sought for the proposed divestiture of 100% of the issued share capital of Findus Sverige AB and its subsidiaries to Iglo Foods Group Ltd. by Liongem Sweden 1 AB.
The cash payment was €12.50 per €1,000 principal amount of notes for holders who give their consents by the end of the solicitation.
Findus PIK is a special purpose vehicle of London-based frozen food and seafood company Findus Group.
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