SCHMOLZ + BICKENBACH launches offer to repurchase Senior Secured Notes following a change of control event
THIS COMMUNICATION OR THE INFORMATION CONTAINED THEREIN ARE NOT BEING ISSUED AND MAY NOT BE DISTRIBUTED IN THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA OR JAPAN AND DO NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE IN SUCH COUNTRIES.
Lucerne, February 6, 2020 – SCHMOLZ + BICKENBACH, a global leader in special long steel, has today launched a change of control offer for the EUR 350 million 5.625% Senior Secured Notes issued on April 24, 2017 and June 25, 2018 with maturity in 2022 that was triggered by a change of control event on January 8, 2020.
The holders of the Senior Secured Notes were informed today that a change of control within the meaning of the terms and conditions of the Senior Secured Notes has occurred in connection with a share issue of SCHMOLZ + BICKENBACH AG, the parent company of the issuer SCHMOLZ + BICKENBACH Luxembourg Finance S.A. ("Issuer"). Due to such share issue, Martin Haefner directly or indirectly holds 49.6% of the outstanding shares of SCHMOLZ + BICKENBACH AG. The capital increase became effective on January 8, 2020.
Due to the occurrence of this change of control, the holders of the Senior Secured Notes have the right to request the Issuer to repurchase the Senior Secured Notes at a purchase price of 101% of the nominal value plus accrued and unpaid interest and any additional amounts.
The offer period to holders of the Senior Secured Notes will end on March 13, 2020 at 5.00 p.m. Central European Time (CET). The purchase of the validly tendered Senior Secured Notes will be settled against payment of the purchase price on March 31, 2020.
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