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Avanza’s AG Spring halts redemption of 7˝% notes; conditions not met
New York, April 17 – Avanza Spain SAU subsidiary AG Spring Finance Ltd. said its planned redemption of up to 10%, or €31.5 million, of its €315 million of 7˝% senior secured notes due 2018 will not go ahead as planned.
The redemption, scheduled for April 20, was subject to conditions which have not been met, according to a notice.
Specifically, AG Spring required that Avanza Spain receive proceeds from a new term loan to fund a tender offer and that Avanza complete a tender offer and consent solicitation for AG Spring’s 7˝% notes and the €175 million of 9˝% senior notes due 2019 issued by AG Spring Finance II Ltd.
On April 15, Avanza said it had further extended the tenders, pushing back the expiration date to 11:59 p.m. ET on April 27 from 11:59 p.m. ET on April 23. It was previously extended from 11:59 p.m. ET on April 15.
The 7˝% notes would have been redeemed at a price of 103 plus a total of €912,187.50 of accrued interest, for a total redemption consideration of €33,357,187.50.
Madrid-based Avanza Spain is a provider of bus transportation services in Spain and of mass transit bus transportation services in Spain and Portugal.
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