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Loxam offers to exchange two series of 2025 notes for new 2028 notes
By Marisa Wong
Los Angeles, April 24 – Loxam SAS announced it has begun an offer to exchange its €700 million outstanding 3¼% senior secured notes due 2025 (ISIN: XS2031870921) and €119,566,000 outstanding 6% senior subordinated notes due 2025 (ISIN: XS1590067432) for new senior secured notes due 2028, according to a notice.
The company is also conducting a concurrent new money offering of notes due 2028, which will be consolidated with the new notes to be issued under the exchange offer.
The exchange ratio will depend on the issuance price for the new money notes and will be calculated using an exchange price of 98.5 for the 3¼% notes and 98 for the 6% notes.
The new notes are expected to price on April 25. Exchange pricing will be announced soon after that.
The exchange offer expires at 11 a.m. ET on April 28.
Results and final acceptance amounts will be announced on May 2.
Settlement will be on May 5.
The exchange and information agent is Kroll Issuer Services Ltd. (+44 20 7704 0880; loxam@is.kroll.com; https://deals.is.kroll.com/loxam; attn.: Jacek Kusion / Thomas Choquet).
The company has named as dealer managers J.P. Morgan SE, BNP Paribas, Deutsche Bank AG, Barclays Bank Ireland plc, BofA Securities Europe SA, Credit Agricole CIB, Credit Industriel et Commercial SA, Natixis and Societe Generale.
Loxam is a Paris-based equipment rental services company.
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