Verisure gets consents to amend 6% senior secured notes due 2022

By Marisa Wong

Morgantown, W.Va., Nov. 9 – Verisure Midholding AB said its Verisure Holding AB subsidiary received the necessary consents from holders of its €630 million 6% senior secured notes due 2022 to amend the indenture governing the notes.

The consent solicitation began on Nov. 3 and expired at 11 a.m. ET on Nov. 9.

The company sought 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.

The issuer said it has executed a supplemental indenture to the notes. The consent solicitation is conditioned on completion of the financing transactions.

Verisure will pay €9.45 million in cash to holders who delivered consents. The payment date is expected to be Nov. 24.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.