Verisure solicits consents for 6% notes to allow new notes, dividend

New York, Nov. 3 – Verisure Midholding AB said that its Verisure Holding AB subsidiary has started a consent solicitation for its €630 million of 6% senior secured notes due 2022.

The company is seeking to amend the note indenture to allow the issuance of new notes and to make a shareholder distribution.

Specifically Verisure Midholding is planning to raise funds from an offering of new senior notes due 2023 which will be used to redeem the company’s existing private senior notes and to finance a €425 million distribution to shareholders. Additional debt is also planned under Verisure Holding’s credit facility to finance a further €625 million distribution to shareholders.

The solicitation is seeking consents to amend the indenture to allow the company to make the distribution to shareholders, to allow distributions to Midholding so that it can make interest payments on the new notes and to provide a waiver to allow the transactions to go ahead.

If the required permission is received, Verisure will pay €9.45 million in cash to holders who delivered consents.

The solicitation ends at 11 a.m. ET on Nov. 9.

Goldman Sachs International (+44 20 7774 9862 or liabilitymanagement.eu@gs.com) is solicitation agent. Lucid Issuer Services Ltd. (+44 20 7704 0880 or verisure@lucid-is.com) is information agent and tabulation agent.

Verisure is a Malmo, Sweden-based provider of professionally monitored alarms and connected services.

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