Chicago, July 7 – Foraco International SA sold $100 million of senior secured bonds to Marathon Asset Management LP, due December 2025, according to a press release.
Proceeds were used to redeem early $146.8 million of notes issued in 2017 to affiliates of Oaktree Capital Management, LP and Kartesia Securities IV SA. Those bonds were set to mature in May 2022. The company used $91 million of cash and issued 9.3 million ordinary shares of the company to redeem the notes.
The debt refinancing, with the new notes, resulted in a gain before tax for the company of $35.8 million and a $55.8 million reduction in net debt.
Foraco is a drilling services company for mining, energy, water and infrastructure projects. The company is based in Marseille, France.
| Issuer: | Foraco International SA
|
| Issue: | Senior secured bonds
|
| Amount: | $100 million
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| Maturity: | December 2025
|
| Buyer: | Marathon Asset Management LP
|
| Announcement date: | July 7
|
| Distribution: | Private placement
|
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