Sweden’s Cherry to call floaters at 103.15; notes are putable at 101

By Susanna Moon

Chicago, Feb. 7 – Cherry AB announced a put option exercisable under its up to €200 million floating-rate senior secured bonds due July 11, 2020 due to a change of control that occurred under the note terms.

As a result, holders may put the notes at a price of 101% of par plus accrued interest with a purchase date of May 10. The notes are putable until April 9.

Also, the issuer plans to exercise its call option on March 1 to redeem the notes on April 3 at a price of 103.15 plus accrued interest, according to a notice of a change-of-control event issued to Nordic Trustee & Agency AB (publ) as agent.

The change of control occurred when the company was acquired Feb. 5 by Bridgepoint Advisers Ltd., acting on behalf of the limited partnerships comprising Bridgepoint Europe VI Fund, Prunus Avium Ltd, Klein Group AS, Audere Est Facere AS, Pontus Lindwall, Berkay Reyhan and Can Yilanlioglu, through European Entertainment Intressenter Bidco AB, the release noted.

EE Intressenter, in addition to the acquisition, will begin a squeeze out process for the compulsory acquisition of the minority shareholding in the issuer, the release added.

The notes were issued July 6, 2016.

Cherry is a gaming company based in Stockholm.

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