Ideal standard
May 29, 2014. Ideal Standard International S.A. (the “Company”) announced today the expiration of its previously-announced exchange offer and mutual release and consent solicitation (the “Exchange Offer”). Holders representing approximately 96% in aggregate principal amount of the Company’s €275,000,000 11.75% senior secured notes due 2018 (the “Existing Notes”) tendered their notes and delivered consents in the Exchange Offer. According to preliminary calculations, holders representing approximately 4.5% in aggregate principal amount of the Existing Notes elected Option 1, 59.6% elected Option 2 and 31.9% elected Option 3 under the Exchange Offer. The Company expects this to result in the issuance of approximately €98.3 million in aggregate principal amount of Series A Notes, €12.8 million in aggregate principal amount of Series B (without option) Notes, €87.8 million in aggregate principal amount of Series B (with option) Notes and €65.5 million in aggregate principal amount of Series C Notes (the “New Notes”). The New Notes will be issued on the closing date of the Exchange Offer, which the Company expects to occur on or about June 4, 2014 subject to the satisfaction or waiver of certain closing conditions.