Verisure gets consents to amend 3½% notes due 2023, floaters due 2025

By Taylor Fox

New York, Jan. 13 – Verisure Holding AB received the necessary consents to amend its outstanding €200 million floating-rate senior secured notes due 2025 and its outstanding €500 million 3½% senior secured notes due 2023, according to a company announcement.

The consent solicitation began on Jan. 7 and expired at 11 a.m. ET on Jan. 13.

As previously reported, Verisure sought to amend the definition of “IFRS” in each indenture to align it with the definition of “IFRS” contained in the indenture governing its €800 million 3 7/8% senior secured notes due 2026, its existing senior facilities agreement dated July 14, 2020 and its new senior facilities agreement.

The amendments 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 notes indenture, the 2020 senior facilities agreement and the new senior facilities agreement.

Verisure will pay a cash payment of €2.50 per €1,000 principal amount of notes for which a consent was delivered.

Payment is expected to be made Jan. 22.

Goldman Sachs Bank Europe SE (+49 69 7532 1615; liabilitymanagement.eu@gs.com) and J.P. Morgan AG (+44 20 7134 2468; liability_management_EMEA@jpmorgan.com) are the solicitation agents.

Lucid Issuer Services Ltd. (+44 20 7704 0880; verisure@lucid-is.com) is the tabulation and information agent.

Verisure is a Malmo, Sweden-based security company.

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