Elster may issue make-whole call for €250 million 6¼% notes due 2018

By Susanna Moon

Chicago, Oct. 24 - Elster said it will redeem its €250 million principal amount of 6¼% senior notes due 2018 at the make-whole price plus accrued interest on Nov. 28 if conditions are met.

The redemption is conditioned on the admission of the shares of parent company, Melrose plc, for listing on the premium segment of the official list maintained by the United Kingdom Listing Authority and for trading on the main market of the London Stock Exchange, according to a company press release.

The paying agent is Deutsche Bank AG, London Branch.

Elster said on Sept. 17 that no notes were tendered in its change-of-control repurchase offer for the notes.

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

Elster is an Essen, Germany-based provider of gas, electricity and water meters. London-based Melrose acquires and develops energy, housing, construction, automotive and scrap processing manufacturing businesses.

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