Verisure begins consent solicitation on notes due 2025, 2023

By Taylor Fox

New York, Jan. 7 – Verisure Holding AB launched a consent solicitation seeking to amned its outstanding €200 million floating rate senior secured notes due 2025 and all of its outstanding €500 million 3˝% senior secured notes due 2023, according to a company announcement.

The proposed amendments are being sought in order to amend the definition of “IFRS” in each indenture to align it with the definition of “IFRS” contained in the indenture governing the issuer’s €800 million 3 7/8% senior secured notes due 2026, the issuer’s existing senior facilities agreement dated July 14, 2020 and its new senior facilities agreement.

The amendments would also change the ratio-based restricted payment provision to allow the issuer to make restricted payments provided that the consolidated senior secured net leverage ratio does not exceed 5.5 to 1 on a pro forma basis, amended from 5.25 to 1 currently, thereby aligning such permission with the ratio-based restricted payment permissions included in each of the 2026 fixed rate senior secured notes indenture, the 2020 senior facilities agreement and the new senior facilities agreement.

Upon the terms and subject to the conditions of the consent solicitation statement, including the receipt of the required consents, a cash payment of €2.5 per €1,000 principal amount of notes will be payable to consenting holders of the relevant notes for which a consent is validly delivered prior to the expiration time and not validly revoked.

No consent payment in respect of a series of notes will be made if the relevant required consents are not received or if the solicitation is terminated with respect to such series of notes by the issuer for any reason.

The solicitation will expire at 11 a.m. ET on Jan. 13.

Payment is expected to be made within seven business days after the effective time.

Verisure is a Malmo, Sweden-based security company.

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