CLN Coils Lamiere Nastri seeks approval to delist 4.7% notes due 2022

By Angela McDaniels

Tacoma, Wash., May 14 – CLN Coils Lamiere Nastri SpA began a consent solicitation for its €100 million 4.7% notes due 2022, according to a notice to noteholders.

The company is seeking approval to delist the notes from trading on the Irish Stock Exchange.

“The company believes that, considering the external and internal organizational costs relating to the fulfillments from time to time necessary to maintain the listing of the notes, and also in consideration of the market trend of the aforesaid securities, the movement of which in the last 12 months has been absolutely negligible, in the current economic phase of the sector and given the need for the company to renegotiate its debt with banks (in bonis), financial intermediaries and the bondholders themselves, it is advisable to propose to the bondholders the exclusion of the notes from trading,” the company said in the notice.

Holders will vote on the extraordinary resolution at a meeting in Turin, Italy, at 6 a.m. ET on May 24.

Holders will have one vote for each €100,000 principal amount of notes held.

In order to form a quorum, one or more people holding at least two-thirds of the principal amount of outstanding notes must be present. The holders of at least two-thirds of the principal amount of outstanding notes must vote in favor of the extraordinary resolution in order for it to pass.

The tabulation agent is Deutsche Bank AG, London Branch (+44 20 7547 5000).

CLN Coils Lamiere Nastri is a steel company based in Turin, Italy.

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