CEVA to redeem 8½%, 10% notes, exchange €964 million securities

By Tali David

Minneapolis, Jan. 23 - CEVA Group plc plans to redeem its 8½% senior notes due 2014 and 10% senior subordinated notes due 2016, according to a filing with the London Stock Exchange.

This would be refinanced with the proceeds from expected issuances by CEVA of new first-lien senior secured notes due 2017 and new senior unsecured notes due 2020.

Contingent upon the proposed refinancing, funds affiliated with Apollo Global Management, LLC, which controls CEVA Group's holding company, CEVA Investments Ltd., have agreed to exchange the following principal amounts: (a) €109 million of CEVA Group securities that are currently due in 2014 and 2016 for new unsecured notes and (b) more than €500 million of CEVA Group debt due in 2018 and €355 million of CEVA Investments securities for new CEVA Investments equity.

CEVA Group is a London-based supply chain company.

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