Axalta units aim to amend 4¼%, 4 7/8%, 3¾% notes for restructuring

By Susanna Moon

Chicago, Oct. 18 – Axalta Coating Systems Ltd. said Axalta Coating Systems, LLC is soliciting consents for its €335 million of 4¼% senior notes due 2024 and $500 million of 4 7/8% senior notes due 2024.

Meanwhile, Axalta Coating Systems Dutch Holding B BV is seeking consents for its €450 million of 3¾% senior notes due 2025.

The consent solicitations are being held by the company’s indirect wholly owned subsidiaries as part of a possible internal reorganization of some of the company’s subsidiaries and potential future reorganizations of the company, according to a company announcement.

The proposed amendments would add the company and certain wholly owned subsidiaries as guarantors of the notes; provide that at the time the amendments become operative, the covenants of the indentures would generally apply to the company and its restricted subsidiaries; and otherwise amend the notes in order to effect the proposed restructuring.

The consent solicitations will end at 5 p.m. ET on Oct. 29. Holders must be registered on Oct. 17.

The consent fee will be €2.50 per €1,000 principal amount or $2.50 per $1,000 principal amount.

The solicitations are conditioned on securing consents for a majority of the 2024 notes or 2025 notes. For the purpose of determining whether the required consents for the 2024 notes have been obtained, the 2024 euro notes and 2024 dollar notes will vote together as a single class, and the principal amount of 2024 euro notes will be converted to a dollar basis using a euro/dollar exchange rate of €1.00 to $1.1502 as of Oct. 17, using Bloomberg, the release said.

In addition, the consent solicitations require amendments to the other indenture and related amendments to the company’s senior secured term loan facility and its multi-currency senior secured revolving facility, in each case needed for the proposed restructuring, the company noted.

Barclays (800 438-3242, 212 528-7581 or +44 20 3134 8515) is the solicitation agent. D.F. King (800 515-4507, 212 269-5550, +44 20 7920 9700, axalta@dfking.com or https://sites.dfkingltd.com/axalta) is the information and tabulation agent.

Axalta is a Philadelphia-based manufacturer, marketer and distributor of high-performance coatings systems.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.