AX V Nissens 2022 bonds either need waiver or redemption for sale

Chicago, July 19 – AX V Nissens ApS will either need a waiver of consent from bondholders or will need to redeem its €130 million senior secured floating-rate bonds due 2022 (ISIN: DK0030400890) due to an upcoming sale of a division of the company, according to a press release.

The company has agreed to sell the Nissens cooling solutions division to a newly established company owned by A.P. Moller Holding A/S.

The sale is subject to customary closing conditions, including obtaining required merger control clearances.

The sale is expected to occur at the end of the third quarter of 2021 or during the fourth quarter.

It is the expectation that, following and subject to satisfaction or waiver of the cooling solutions sale conditions, AX V Nissens ApS will exercise its call option to redeem all of the outstanding bonds, in accordance with the terms and conditions.

Nissens is a Horsens, Denmark-based maker of cooling systems for the automotive and wind power and industrial markets.

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