qquebec
Super Moderator
Ideal Standard International S.A. Announces Completion of Exchange Offer
June 4, 2014. Ideal Standard International S.A. (the “Company”) announced today the completion of its previously-announced exchange offer and mutual release and consent solicitation (the “Exchange Offer”) and the issuance of €98,277,600 in aggregate principal amount of Series A Notes, €12,810,110 in aggregate principal amount of Series B (without option) Notes, €87,779,000 in aggregate principal amount of Series B (with option) Notes and €65,518,400 in aggregate principal amount of Series C Notes (the “New Notes”). The New Notes were issued in exchange for €264,012,000 in aggregate principal amount of the Company’s 11¾% Senior Secured Notes due 2018 (the “Existing Notes”) tendered, representing participation of holders of 96% of the principal amount of the Existing Notes in the Exchange Offer. The Company, certain equityholders and the holders tendering the Existing Notes also entered into the mutual release contemplated by the Exchange Offer and the Company entered into a supplemental indenture with the trustee and security agent in respect of the Existing Notes to amend the terms of the Existing Notes. The supplemental indenture provides for, among other things, PIK interest payments on the Existing Notes instead of cash interest.
June 4, 2014. Ideal Standard International S.A. (the “Company”) announced today the completion of its previously-announced exchange offer and mutual release and consent solicitation (the “Exchange Offer”) and the issuance of €98,277,600 in aggregate principal amount of Series A Notes, €12,810,110 in aggregate principal amount of Series B (without option) Notes, €87,779,000 in aggregate principal amount of Series B (with option) Notes and €65,518,400 in aggregate principal amount of Series C Notes (the “New Notes”). The New Notes were issued in exchange for €264,012,000 in aggregate principal amount of the Company’s 11¾% Senior Secured Notes due 2018 (the “Existing Notes”) tendered, representing participation of holders of 96% of the principal amount of the Existing Notes in the Exchange Offer. The Company, certain equityholders and the holders tendering the Existing Notes also entered into the mutual release contemplated by the Exchange Offer and the Company entered into a supplemental indenture with the trustee and security agent in respect of the Existing Notes to amend the terms of the Existing Notes. The supplemental indenture provides for, among other things, PIK interest payments on the Existing Notes instead of cash interest.
