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Italys Fedrigoni to redeem secured notes due 2024, 2026
By Mary-Katherine Stinson
Lexington, Ky., Nov. 18 Fedrigoni SpA issued conditional notices of redemption for its senior secured floating-rate notes due 2024 (ISIN: XS1816220674, XS1816220328) and its senior secured floating-rate notes due 2026 (ISIN: XS211509350, XS2115092285), according to multiple notices.
All the outstanding Rule 144A and Regulation S notes of both series will be redeemed in full on Nov. 30.
The redemption price for the 2024 notes will total 382,840,603.45, representing a redemption price of par and 4,492,734.12 of accrued interest and additional amounts, if any, for the notes that are not held by Fiber Bidco SpA.
The redemption price for the 2026 notes will total 158.36 million, representing the redemption at par and 1,858,395.82 of accrued interest and additional amounts, if any, for the notes that are not held by Fiber Bidco.
Prior to Oct. 25, 67,159,396.55 of the 2024 notes and 66.64 million of the 2026 notes were transferred to Fiber Bidco to be exchanged for notes issued by Fiber Bidco.
The principal and interest in respect of the exchanged notes will be renounced by Fiber Bidco prior to the redemption in connection with the exchange offer.
The redemption of the exchanged notes is conditional on the closing of the acquisition by Fiber Bidco of 99.99% of the share capital of Fedrigoni and the closing of the issuance of additional notes by Fiber Bidco to effect the exchange offer.
The redemption of the other notes is conditional upon the closing of the acquisition and the receipt by the paying agent of an amount of cash in euros sufficient to pay the cash redemption amount payable to the holders other than Fiber Bidco, prior to 5 a.m. ET on Nov. 30.
Fedrigoni Holding Ltd., as HoldCo, U.S. Bank Trustees Ltd., is the trustee. Elavon Financial Services DAC, UK Branch, is the paying agent, transfer agent and calculation agent. Elavon Financial Services DAC is the registrar, and BNP Paribas, Italian Branch is the security agent.
The Verona, Italy-based Fedrigoni is a specialty paper manufacturer.
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