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Eurohold Bulgaria gets needed consents from 6½% noteholders, accepts €31 million tenders
By Marisa Wong
Los Angeles, Dec. 1 – Eurohold Bulgaria AD announced results of its Nov. 23 invitation to holders of its outstanding 6½% notes due Dec. 7, 2022 (ISIN: XS1731768302) guaranteed by Euroins Insurance Group AD to consent to an extension of the maturity date, some waivers and some amendments to the terms of the notes and to tender their notes for purchase for cash. At the start of the invitation, €69.39 million of the original €70 million principal amount was outstanding.
As of the electronic consent deadline at 11 a.m. ET on Nov. 30, the issuer had received electronic consent only instructions for €37,545,000, or 54.11%, of the notes, according to a notice on Thursday.
In addition, as of the expiration of the tender offer, also 11 a.m. ET on Nov. 30, the issuer had received tender instructions, which include electronic consents, for €31 million, or 44.68%, of the outstanding notes.
In total, the issuer had received electronic consents for €68,545,000, or 98.78%, of the outstanding notes, enough to approve the proposed extension, waivers and amendments.
The issuer and the guarantor signed amended and restated final terms to the notes reflecting an extension of the maturity date to June 7, 2026 and corresponding amendments.
The issuer plans to purchase all of the tendered notes at par plus accrued interest, according to Thursday’s notice.
The issuer will not pay any consent fee, tender fee or other incentive in connection with the consent solicitation, as previously noted.
Settlement is expected to be on Dec. 15.
Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: David Shilson; eurohold@is.kroll.com; https://deals.is.kroll.com/eurohold) is the tender and information agent for the Regulation S offer.
The insurance company is based in Sofia, Bulgaria.
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