Metso seeks to substitute Outotec as issuer of 2022, 2024 notes

By Wendy Van Sickle

Columbus, Ohio, Oct. 8 – Metso Corp. is soliciting consents from holders of its series 22 €100 million fixed rate notes due June 27, 2022 and its series 24 €300 million 1.125% senior notes due June 13, 2024, according to a notice.

The company is asking holders of each series to pass an extraordinary resolution substituting Outotec Oyj as issuer.

Additionally, holders are being asked to waive any breach or any alleged breach of the terms and conditions of the notes as may be caused by, or arise in respect of, a proposed demerger under which Metso’s minerals business would be transferred to Outotec.

Holders who deliver their consents by the early deadline will be eligible to receive a consent fee of 50 basis points.

Holders who deliver consents after the early deadline will be eligible to receive a consent fee of 10 bps.

The early deadline is 11 a.m. ET on Oct. 18.

The expiration is deadline is 11 a.m. ET on Oct. 25.

Meetings for each series of notes will be held on Oct. 30.

To be passed at a meeting, an extraordinary resolution requires a majority of not less than three quarters of the votes cast.

The quorum required at a meeting of each series shall be two or more persons present in person holding notes or voting certificates or being proxies and holding or representing in the aggregate not less than three quarters in principal amount of the notes of the series.

Settlement is expected on Nov. 6.

Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com) and Nordea Bank AB (+45 6161 2996 or nordealiabilitymanagement@nordea.com) are the solicitation agents. Lucid Issuer Services Ltd. (+44 20 7704 0880 or metso@lucid-is.com) is the dealer manager.

The issuer is a Helsinki, Finland-based supplier of process industry machinery.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.