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Garfunkelux receives consents to align 7½% senior secured notes
New York, June 2 – Garfunkelux Holdco 3 SA announced that it was given the requested consents to amend the indenture of its €365 million of 7½% senior secured notes due 2022.
The solicitation ended at 11 a.m. ET on June 2, and the company expects to make the consent payment on June 6.
As announced on May 24, Garfunkelux was seeking to align the credit facility basket provision in the terms of the notes with that of the £565 million of 8½% senior secured notes due 2022 and its £230 million of 11% senior notes due 2023 issued by Garfunkelux Holdco 2 SA and guaranteed by Garfunkelux Holdco 3, according to a notice.
The 7½% notes were issued before the merger of operating brands Lowell Group and GFKL in October 2015 while the 8½% and 11% notes were issued after that transaction.
Garfunkelux said that the merger, along with further acquisitions and organic growth, has caused significant growth in the size of the company.
The amendments would give it “enhanced flexibility to access the market for debt portfolios and increase and diversify the group’s funding capabilities for future business growth,” the notice stated.
Garfunkelux was offering a consent payment of €2.50 per €1,000 principal amount.
To make the change, the company needed consents from holders of a majority of the notes.
The solicitation agent is Goldman Sachs International (+44 20 7774 9862 or liabilitymanagement.eu@gs.com). Lucid Issuer Services Ltd. (+44 20 7704 0880 or lowellgroup@lucid-is.com) is information agent.
Garfunkelux includes GFKL Group, Germany’s largest receivables management business, and Lowell Group, the United Kingdom’s largest debt purchasing and collections business.
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