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Progroup tenders for €45 million 8¼%/9% PIK notes due 2022 at 110.25
By Susanna Moon
Chicago, April 20 – Progroup AG has begun a tender offer for up to €45 million principal amount of the €125 million of 8¼%/9% pay-in-kind toggle notes due Dec. 1, 2022 issued by JH-Holding Finance SA, a wholly owned subsidiary.
The purchase price will be 110.25% of par plus accrued interest to but excluding the settlement date, which is expected to be no later than May 4, according to a company announcement.
The tender offer will continue until 11 a.m. ET on April 27.
Tender instructions must be submitted for a minimum principal amount of €100,000 and in integrals of €1 after that.
The offer is being made to holders of the notes issued under Regulation S.
Deutsche Bank AG, London Branch (+44 20 7545 8011) is the dealer manager. Lucid Issuer Services Ltd. (+44 20 7704 0880 or progroup@lucid-is.com) is the tender agent.
Progroup is Landau, Germany-based containerboard producer.
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