Melrose subsidiary Elster gets no tenders, will redeem 6¼% notes

By Toni Weeks

San Diego, Sept. 17 - Melrose plc subsidiary Elster Group SE said that no notes were tendered in its change-of-control repurchase offer for up to €250 million principal amount of its 6¼% senior notes due 2018, according to a press release.

The company also said it will redeem the outstanding €250 million of the notes at the applicable make-whole price on Oct. 28.

As previously reported, the company offered to repurchase the notes at 101 plus accrued interest up to but excluding the purchase date.

The offer began on Sept. 17 and expired at 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.

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