Galapagos tenders for €191.55 million notes; call nixed for floaters

By Susanna Moon

Chicago, Oct. 12 – Galapagos Holding SA has withdrawn its conditional call for €191.55 million of its €325 million senior secured floating-rate notes due 2021.

Galapagos pulled the redemption notice issued Sept. 27 because it has not met the condition for the call, according to an issuer notice.

Instead, Galapagos is offering to purchase up to €191.55 million of the floaters and €200 million 5 3/8% senior secured notes due 2021 until 9 a.m. ET on Nov. 10 at par plus any additional amounts using proceeds of asset sales, according to a separate company notice.

The company also will pay accrued interest, with settlement on Nov. 15.

In another notice, the company issued a call for the floaters in an amount equal to the difference between €191.55 million and the combined amount of notes tendered in the offer announced Wednesday.

The floaters will be redeemed at par plus any additional amounts plus accrued interest to but excluding the redemption of Nov. 17.

The record date is Nov. 16.

The principal paying agent is Deutsche Bank AG, London Branch, and the Luxembourg paying agent is Deutsche Bank Luxembourg SA.

As announced Sept. 27, the company issued a redemption notice for €191.55 million of the floaters at par plus accrued interest to but excluding the redemption date of Oct. 27.

The redemption was contingent on the sale of DencoHappel Holding GmbH to an affiliate of Triton Managers IV Ltd. with proceeds received on Oct. 12.

Galapagos makes heat exchangers for industrial applications and is based in Luxembourg.

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