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Kerneos to call €375 million of 5¾% notes, floaters via asset sale
By Susanna Moon
Chicago, July 7 – Kerneos Corporate SAS issued a conditional redemption notice Friday for its €200 million of 5¾% senior secured notes due 2021 and €175 million of senior secured floating-rate notes due 2021.
The notes will be redeemed on July 18 at an aggregate redemption price of €210,126,388.89 for the 5¾% notes and €176,010,075.69 for the floaters. The record date will be July 17.
Specifically, the price the 5¾% notes is 102.875% of par, or €205.75 million, plus accrued interest and any additional amounts up to but excluding the redemption date of €4,376,388.89, according to the company notice.
For the floaters, the price is par plus accrued interest and additional amounts up to but excluding the redemption date of €1,010,075.69.
The redemption is contingent upon Imerys SA purchasing 100% of the outstanding securities of Kern Tech 1, the indirect parent company of the issuer, with enough funds to pay the redemption price.
If the conditions are not met, the issuer said it may postpone the redemption date to a date that is between 10 days and 60 days after the notice date.
The paying agent is Elavon Financial Services DAC, formerly Elavon Financial Services Ltd.
Kerneos, formerly known as Kerneos Tech Group SAS, is a Paris-based manufacturer and supplier of calcium aluminate cements.
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