IFCO gets tenders for €5.7 million of 10% notes in change of control

By Jennifer Chiou

New York, May 25 - IFCO Systems NV announced that holders tendered €5.7 million of its 10% guaranteed senior secured notes due 2016 in its completed change-of-control offer.

The company was required to offer to buy the notes after a change of control occurred when Brambles Investment Ltd. acquired a majority stake in the company, and all conditions for the offer have been fulfilled, IFCO said in a news release.

As reported, the company will pay €1,010 for each €1,000 principal amount of notes tendered by the offer expiration at noon ET on May 23. Holders will also receive accrued interest up to the repurchase date, which is expected to be June 2.

Deutsche Bank AG, London Branch (44 20 7547 5000) was the tabulation agent.

The issuer is an Amsterdam-based logistics provider. It launched the offer on April 20.

Brambles provides supply chain and information management solutions and is based in Sydney, Australia.

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