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Progroup collects tenders for €43.94 million 8¼%/9% PIK notes due 2022
By Susanna Moon
Chicago, April 28 – Progroup AG said investors had tendered €43,938,456 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 tender offer ended at 11 a.m. ET on April 27.
After the repurchase, there will be €81,061,544 of the notes left outstanding, according to a company notice on Friday.
The company began the tender on April 20 for up to €45 million principal amount of the PIK notes at a purchase price of 110.25% of par.
Holders also will receive accrued interest to but excluding the settlement date of May 4.
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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