Avanza’s AG Spring halts redemption of 7˝% notes; conditions not met

New York, April 17 – Avanza Spain SAU subsidiary AG Spring Finance Ltd. said its planned redemption of up to 10%, or €31.5 million, of its €315 million of 7˝% senior secured notes due 2018 will not go ahead as planned.

The redemption, scheduled for April 20, was subject to conditions which have not been met, according to a notice.

Specifically, AG Spring required that Avanza Spain receive proceeds from a new term loan to fund a tender offer and that Avanza complete a tender offer and consent solicitation for AG Spring’s 7˝% notes and the €175 million of 9˝% senior notes due 2019 issued by AG Spring Finance II Ltd.

On April 15, Avanza said it had further extended the tenders, pushing back the expiration date to 11:59 p.m. ET on April 27 from 11:59 p.m. ET on April 23. It was previously extended from 11:59 p.m. ET on April 15.

The 7˝% notes would have been redeemed at a price of 103 plus a total of €912,187.50 of accrued interest, for a total redemption consideration of €33,357,187.50.

Madrid-based Avanza Spain is a provider of bus transportation services in Spain and of mass transit bus transportation services in Spain and Portugal.

© 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.