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Inovyn to redeem €30 million of 6¼% notes, plans further redemption
New York, April 26 – Inovyn Finance plc will redeem €30 million of its 6¼% senior secured notes due 2021 on May 11, according to a notice from the issuer.
The company also plans to redeem a further €30 million on or after May 13.
In the May 11 redemption, Inovyn will pay 103% of par plus accrued interest up to but excluding the redemption date.
The call is subject to a refinancing condition and may be delayed to May 12 if the condition is not met.
Under the refinancing condition, the company is required to raise enough funds for both note redemptions.
After the first redemption, Invoyn will have €270 million of the notes remaining outstanding.
Inovyn Finance is a subsidiary of Inovyn Ltd., a London-based manufacturer of polyvinyl chloride and other chlorine derivatives that is owned by Swiss chemical company Ineos Group Holdings SA.
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