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CLN calls noteholders meeting to vote on changes to 4.7% notes due 2022
By Marisa Wong
Morgantown, W.Va., May 23 – CLN Coils Lamiere Nastri SpA is seeking to amend its €100 million 4.7% notes due 2022.
The company will convene a noteholders meeting at 7 a.m. ET on June 4 and, if necessary, a second meeting at 7 a.m. ET on June 6, according to a notice.
The company is seeking approval for, among other things, the following changes to the notes:
• Insertion of a clause for the repayment of the bonds during a period between the execution date of the second supplemental trust deed and Sept. 30 to allow the company to extinguish in advance at par 50% of the principal amount due under the notes, together with accrued interest; and
• Subject to repayment at par of 50% of the principal amount due under the notes within the terms set out above (a) change in the duration of the loan, postponing the maturity date to Nov. 1, 2024 from Aug. 1, 2022; (b) amendment of the negative pledge clause in order to align it with a club deal; (c) amendment of the covenant clause in order to align it with the club deal documentation; (d) elimination of the mechanism that provides for an increasing interest rate based on the ratio between net debt and EBITDA and the simultaneous inclusion of a clause relating to interest on arrears; (e) other minor changes in order to ensure compliance with the club deal documentation; and (f) any further non-substantial changes.
Holders will have one vote for each €100,000 principal amount of notes held.
In order to form a quorum, one or more persons holding at least two-thirds of the principal amount of outstanding notes must be present. The holders of at least two-thirds of the principal amount of outstanding notes must vote in favor of the extraordinary resolution in order for it to pass.
The tabulation agent is Deutsche Bank AG, London Branch (+44 20 7547 5000).
CLN Coils Lamiere Nastri is a steel company based in Turin, Italy.
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