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Swedens Ovako makes contingent call for 300 million of 6½% notes
By Susanna Moon
Chicago, Sept. 26 Ovako Group ABs subsidiary Ovako AB (Publ) issued a conditional redemption notice for its 300 million 6½% senior secured notes due 2019.
The notes will be redeemed on Oct. 15 at a redemption price of 101.625% of par plus accrued interest to the redemption date for a total of 7,258,333.33, according to a company notice.
U.S. Bank Trustees Ltd. is the trustee and security agent. Elavon Financial Services DAC, formerly Elavon Financial Services Ltd., is the registrar. Elavon Financial Services DAC, formerly Elavon Financial Services Ltd., UK Branch (fax +44 20 7365 2577 or mbs.relationship.management@usbank.com) is the paying agent and transfer agent.
The record date is Oct. 13.
The redemption will be conditioned upon the issue of at least 300 million of new senior secured notes due 2022 before Oct. 5.
Ovako sold 310 million of 5% senior secured notes due 2022, upsized from 300 million, on Sept. 22, according to Prospect News.
Proceeds will be used to refinance the 6½% notes scheduled to mature in June 2019.
The Stockholm-based company produces and develops high-tech steel solutions for customers in the ball bearing, transport and manufacturing industries.
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