Roadchef gets OK to refinance 8.015% class B, 7.418% class A2 notes

By Susanna Moon

Chicago, Sept. 2 – Roadchef Ltd. subsidiary Roadchef Finance Ltd. plans to refinance its £42 million outstanding 8.015% class B secured notes due 2026 and its £88 million outstanding 7.418% class A2 secured notes due 2023.

Roadchef obtained the needed majority of consents to amend each series of notes, according to two separate company notices.

The meetings were held on Friday in London.

Roadchef previously said it has secured commitments for debt facilities to fund the refinancing of the notes and other debt of the Roadchef group.

The note terms require the issuer to provide between 30 and 60 days’ notice to redeem the notes on an interest payment date.

The issuer sought to amend the notes to redeem them on any date with at least five business days’ notice at any time by Oct. 31.

In addition, the issuer was looking to reduce the redemption price to 105 for any class B notes redeemed by Oct. 31.

These changes are contingent on the full redemption of both the class A2 notes and the class B notes on the same date, according to a previous release.

Any redemption made after Oct. 31 will be made on the original terms.

The deadline for submitting voting instructions is 5 a.m. ET on Aug. 30.

The holders of at least 50% of the class A2 notes and at least 75% of the class B notes have agreed to vote in favor of the amendments.

Roadchef operates motorway service areas and is based in Cannock, England.

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