Diversey to redeem 10½%, 8¼% notes; 35% will be redeemed Nov. 2

By Susanna Moon

Chicago, Oct. 4 - Diversey Holdings, Inc. plans to redeem 35% of the total accreted valued of its 10½% senior notes due 2020 and Diversey, Inc. will redeem 35% of the principal amount of its 8¼% senior notes due 2019 using proceeds from an issue of preferred stock, according to an 8-K filing with the Securities and Exchange Commission.

Holders will receive 110.5% of the accreted value of the 10½% notes and 108.25% of the principal amount of 8¼% notes.

The total payment also will include accrued interest to the redemption date, which is Nov. 2.

After these redemptions, the companies plan to redeem the remainder of the notes under the make-whole redemption provisions of the two note series.

Diversey Holdings sold $262.9 million of series A preferred stock to Sealed Air Corp., which acquired Diversey Holdings on Monday.

Diversey is a Sturtevant, Wis.-based provider of cleaning, sanitization and hygiene products.

© 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.