Platin 1426. GmbH (the issuer), the direct parent of Schenck Process Holding GmbH (together with Platin 1425. GmbH and its other subsidiaries, ‘Schenck Process’), announced that it has successfully priced €125 000 000 aggregate principal amount of 6.875% senior secured notes due 2023, which will be issued as additional notes under the indenture governing its existing 5.375% senior secured notes due 2023.
The notes will constitute a single class of debt securities with the existing notes under the indenture, but will be issued as a separate series from the existing notes under the indenture, will have different common codes and ISINs than the existing notes and will not be fungible with the existing notes for US federal income tax purposes.
The notes will be issued at 97.010% of their nominal value.
The offering is subject to customary closing conditions, and settlement is expected to occur on 3 August 2018. If completed, the proceeds from the offering of the notes will be used (i) to repay in full the outstanding borrowings under the senior secured bridge facility, which was used to finance the acquisition (target acquisition) of Arvos Raymond Bartlett Snow Holding LLC (RBS Holdings), Arvos Brasil Equipamentos Ltda. (RBS Brazil), the Raymond Bartlett Snow assets of Arvos Energy India Private Limited and all subsidiaries of RBS Holding and RBS Brazil on 29 June 2018 by certain subsidiaries of the issuer, (ii) to pay costs, expenses and fees in connection with the offering of the notes, the target acquisition and related transactions and (iii) for general corporate purposes, including acquisitions.
Read the article online at: https://www.drybulkmagazine.com/dry-bulk/30072018/platin-1426-gmbh-reveals-pricing-of-senior-secured-notes/