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Innovia redeems 74.75 million of floating-rate notes due 2020
New York, Aug. 26 Innovia Group (Finance) plc redeemed 74.75 million of its senior secured floating-rate notes due 2020 on Friday.
The company repaid the debt at par plus accrued interest up to but excluding the redemption date, according to notices.
Innovias redemption follows a tender offer in which it offered to buy up to 75 million of the notes using the 75 million proceeds from the sale of its cellophane business to Futamura Chemical Co., Ltd. The offer was made under the asset-sale provisions in the note indenture.
The tender was announced on July 15 and holders submitted 5.25 million of the 342 million of outstanding notes for purchase by the expiration, which was 7 a.m. ET on Aug. 12.
Innovia paid par plus accrued interest in the tender.
Lucid Issuer Services Ltd. was tender agent.
Simultaneously with the announcement of the tender, Innovia issued a conditional notice of redemption for the notes, saying it would call 80 million of the securities less the amount tendered.
Innovia is a Wigton, England-based manufacturer of specialty films.
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