Lowell/Garfunkelux to redeem outstanding 2022, 2023 notes with proceeds of new notes

By Cady Vishniac

Detroit, Oct. 21 – Lowell plans to redeem £565 million 8.5% senior secured notes due 2022, €365 million 7.5% senior secured notes due 2022, €415 million floating rate senior secured notes due 2023, €530 million floating rate senior secured notes due 2023, SEK 1.28 billion floating-rate senior secured notes due 2023 and £230 million 11% senior notes due 2023, according to a press release.

The redemption will be funded using proceeds from a £1.61 billion offering of senior secured notes in a combination of euro- and sterling-denominated fixed rate tranches and euro-denominated floating rate notes through its subsidiary, Garfunkelux Holdco 3 SA.

The new offering along with shareholder contributions coming to £600 million will also be used for general corporate purposes and to repay drawings under Lowell’s revolving credit facility.

Lowell maintains headquarters in Leeds, England, and Essen, Germany.

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