Radisson gets OK to avert change-of-control offer under 6 7/8% notes

By Susanna Moon

Chicago, Sept. 26 – Radisson Hotel Holdings AB said it secured a majority of consents for a waiver and amendments to its €250 million of 6 7/8% senior secured notes due 2023 in the solicitation that ended at 11 a.m. ET on Sept. 25.

As announced Sept. 19, the issuer was soliciting consents related to a proposed acquisition by a consortium led by Jin Jiang International Holdings Co., Ltd.

The proposed deal is for more than 50% of the outstanding shares and votes in Radisson Hospitality AB from Radisson Hospitality, Inc. and HNA Sweden Hospitality Management AB.

Specifically, the issuer is asking for at least a majority of holders to approve facilitating the acquisition without making a change-of-control offer at 101 plus accrued interest and additional amounts, as required under the note terms.

Radisson executed a supplemental indenture to the notes on Tuesday, which will become operative when the consent fee is paid, according to an announcement.

The consent fee will be €2.50 for each €1,000 principal amount.

Lucid Issuer Services Ltd. (radisson@lucid-is.com or +44 20 7704 0880) is the information and tabulation agent.

Radisson Hospitality is a Brussels-based hotel group.

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