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Loxam gives results in exchange offer to swap two 2025 notes for 2028 notes
By Mary-Katherine Stinson
Lexington, Ky., May 2 – Loxam SAS announced the expiration of its 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 6 3/8% senior secured notes due 2028, according to a notice.
The exchange offer began on April 24 and expired at 11 a.m. ET on April 28.
As of the expiration date, Loxam announced that it has accepted €101,551,000 of the outstanding 3¼% senior secured notes due 2025 to be exchanged for €100 million exchange notes to be issued at a proration factor of 92.464%. The exchange ratio was 98.5% for the 3¼% notes based on the par issuance price of the new money notes and was calculated using an exchange price of 98.5 for the 3¼% notes.
After settlement, €598,449,000 of the 3¼% notes will remain outstanding.
None of the exchange offers received from eligible holders of the 6% senior subordinated notes have been accepted for purchase.
The new notes to be issued under the exchange offer will have the same terms as the new notes that the company will issue under a concurrent new money offering.
As previously reported, on April 25, the company announced that it priced €300 million of 6 3/8% notes due 2028 at par to yield 6 3/8% under the new money offering.
The exchange ratio was also announced on April 25. In addition to the ratio for the 3¼% senior secured notes, the ratio for the 6% subordinated notes was also given. If any of the 6% notes had been accepted for exchange, the ratio would have been 98%, based on the exchange ratio of the par issuance price of the new money notes and was calculated using an exchange price 98 for the 6% notes.
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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