SATS subsidiary conditionally calls secured floaters due 2027

By Mary-Katherine Stinson

Lexington, Ky., April 26 – SATS Ltd.’s indirect subsidiary Promontoria Holding 264 BV issued a conditional notice of redemption stating its intention to redeem all of its outstanding senior secured floating-rate notes due 2027 on May 12 at 101 plus accrued and unpaid interest.

The notice was issued concurrently with Promontoria’s April 26 launch of a cash tender offer and consent solicitation for any and all of its €340 million 6 3/8% senior secured notes due 2027 (ISIN: XS2442803669, XS2442802349) and $400 million 7 7/8% senior secured notes due 2027 (ISIN: US74349MAA45, USN7138MAA47).

Paris-based Promontoria is a global aviation services company primarily focused on cargo handling services and is a subsidiary of SATS, a Singapore airport service company that provides ground handling and in-flight catering services at Changi Airport.

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