Melrose subsidiary amends, offers make-whole price for 6¼% notes

By Jennifer Chiou

New York, Oct. 12 - Melrose plc subsidiary Elster Group SE announced an update to the payout for its change-of-control offer to repurchase its €250 million of 6¼% senior notes due 2018.

According to a company filing with the London Stock Exchange, the company is now offering to redeem the notes at the make-whole price contained in the indenture, which will be higher than the price offered in the current change of control.

As reported, the purchase price in the change-of-control offer will be 101 plus accrued interest up to but excluding the purchase date.

Holders who have tendered notes under the change-of-control offer may withdraw them at any time prior to the expiration date, midnight ET on Oct. 18.

Deutsche Bank AG, London Branch is the tender agent and paying agent.

London-based Melrose acquires and develops energy, housing, construction, automotive and scrap processing manufacturing businesses and is also a provider of gas, electricity and water measurement through subsidiary Elster, which it acquired in August. It launched the offer on Sept. 17.

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