SGL International mulls up to €75 million additional senior secured bonds due 2025

By Rebecca Melvin

Concord, N.H., Sept. 1 – SGL International AS is mulling a subsequent bond for up to €75 million under the framework of its outstanding senior secured fixed-rate bonds due 2025 (ISIN: SE0015810759), subject to market conditions, according to a company news release on Wednesday.

The proceeds are earmarked to finance general corporate purposes, including acquisitions, investments and repayment of drawn amounts under the group’s working capital facilities.

The company also announced on Wednesday that it placed €40 million subordinated unsecured bonds with a four-year tenor. The bond will carry payment-in-kind interest.

The company is also initiating consent solicitations with holders of its up to €315 million of its senior secured bonds due 2024 (ISIN: SE0013101219) and up to €350 million senior secured bonds due 2025 (ISIN: SE0015810759), which are being undertaken to amend intercreditor agreements and terms and conditions of the bonds.

The changes will permit the subsequent bond issue and the use of certain cash currently held on escrow for other acquisitions than those communicated in conjunction with the group’s previous bond issue.

Pareto Securities has been retained as sole bookrunner and financial adviser, and Roschier Advokatbyra has been retained as legal adviser in connection with the subsequent bond issue, the subordinated bond issue and the written procedure.

The freight forwarding company is based in Denmark.

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