Inovyn announces second €30 million redemption of 6¼% notes

New York, April 27 – Inovyn Finance plc announced it will redeem a further €30 million of its 6¼% senior secured notes due 2021, this time for May 15, according to a notice from the issuer.

The company on Wednesday announced that it will redeem €30 million of the notes on May 11.

In the May 15 redemption, Inovyn will pay 103% of par plus accrued interest up to but excluding the redemption date.

Following the two redemptions, it will have €240 million of the notes remaining outstanding.

Both calls are subject to a refinancing condition.

If the condition is not met, the second call may be delayed until June 26 and the first call to May 12.

Under the refinancing condition, the company is required to raise enough funds for both note redemptions.

In the May 11 redemption, Inovyn will pay 103% of par plus accrued interest up to but excluding the redemption date.

When it announced that redemption, the company said it planned a further €30 million redemption, as has now been announced.

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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