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Stada lacks quorum at meeting needed to amend 1Ύ% notes due 2022
By Susanna Moon
Chicago, Sept. 18 Stada Arzneimittel AG lacked the needed quorum at a bondholders meeting to amend its 300 million of 1Ύ% notes due 2022.
At the meeting Tuesday in Germany, no resolutions were passed due to the lack of the required 25% quorum, according to a notice.
Bondholders may request a list of participants at the meeting, the release added.
The issuer said on Aug. 24 that it had scheduled the meeting after having failed to amend the notes due to lack of quorum.
The company said on July 5 that it did not receive the requested consents to amend the notes in connection with the provision of credit support under the 2017 financing given to majority shareholder Nidda Healthcare GmbH.
Votes were cast for 4,287,000, or 1.48%, of the bonds, which meant that the vote without a meeting was inquorate.
To make the changes, Stada needed at least a majority of the bonds to be voted.
As announced on June 8, Stada was aiming to appoint a common representative and to make related mechanical amendments to the note terms.
The appointment of the common representative is meant to procure the extension of the security to the noteholders on an equal and rateable basis with Nidda Healthcare GmbH's creditors under the 2017 financing, the release said.
Stada separately was tendering for the notes and holders had tendered 15,656,000 of them in the offer that ran from June 29 until July 10.
The issuer was offering 1,000 per 1,000 principal amount plus accrued interest up to but excluding the payment date.
After the repurchase, there will be 274.07 million of the notes left outstanding.
Stada Arzneimittel is a Bad Vilbel, Germany-based company specializing in the production of generic and over-the-counter drugs.
Nidda Healthcare is a holding company controlled by Bain Capital Private Equity, LP and Cinven Partners LLP.
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