Massimo S.
Nuovo forumer
Htm 2014 8.50%
Ieri questo bond ha fatto un bel balzo all'insù
. Certo, poca cosa in valore assoluto visto il bassissimo livello delle quotazioni attuali, ma in termini percentuali mi pare abbia preso oltre il 20%. Sono andato a dare uno sguardo in giro, ed ho trovato questa notiziola fresca fresca . Ovviamente l'exchange offer di cui si parla (350 euro di nuovi bond, o 300 per chi aderisce in ritardo, in cambio di 1.000 di quelli attuali) non è, come al solito, accessibile a noi Italiani . E la cosa non mi piace tanto, visto che viene espressamente specificata l'intenzione di ridurre la protezione per i possessori delle existing notes 
Exchange Offer
Amsterdam - April 21, 2009 - HEAD (VSX: HEAD, U.S. OTC: HEDYY.PK), a
leading global manufacturer and marketer of sports equipment,
announced today the commencement by HTM, a subsidiary of Head N.V.,
of a private exchange offer (the "Exchange Offer"), to exchange its
outstanding ¤135,000,000 8,5 Senior Notes due 2014 (the "Existing
Notes") for its new 10% Senior Secured Notes due 2014 (the "Secured
Notes"). The private offer will not be made to all holders of
Existing Notes, but exclusively to certain holders as further
specified below. The Existing Notes were, and the Secured Notes will
be, issued by HTM Sport- und Freizeitgeräte AG. The Secured Notes
will be jointly and severally guaranteed by Head N.V. and Head
Holding Unternehmensbeteiligung GmbH ("Head Holding"), HTM's indirect
and direct parent companies, respectively, and certain of HTM's
subsidiaries and will be secured by pledges or charges, as
applicable, over certain inventories and trade receivables of HTM and
certain subsidiaries of HTM, and cash under certain circumstances.
The purpose of the Exchange Offer is to reduce HTM's overall
indebtedness and related interest expense and to offer existing
noteholders the opportunity to be secured creditors of HTM.
Concurrently with the Exchange Offer, HTM is also soliciting consents
(the "Consent Solicitation"), from holders of Existing Notes to
certain proposed amendments (the "Proposed Amendments") to the
indenture governing the Existing Notes (the "Existing Indenture").
All tenders of Existing Notes which are submitted will be deemed to
be consents to the Proposed Amendments as a whole. The Proposed
Amendments will reduce the protections afforded to holders of the
Existing Notes by (i) eliminating substantially all of the covenants
in the Existing Indenture governing the actions of the Issuer and its
restricted subsidiaries (ii) eliminating or modifying certain events
of default and (iii) modifying Mares S.p.A.'s guarantee of the
Existing Notes. The supplemental indenture (the "Supplemental
Indenture") giving effect to the Proposed Amendments is expected to
be executed on the settlement date of the Exchange Offer, subject to
the consent of holders of not less than a majority of the outstanding
(determined in accordance with the Existing Indenture) aggregate
principal amount of the Existing Notes having validly consented to
the Proposed Amendments. The Proposed Amendments will become
effective and operative upon execution of the Supplemental Indenture.
The Exchange Offer and the Consent Solicitation will expire at 5:00
p.m., London time, on May 22, 2009, unless extended (the "Expiration
Date"). Eligible holders of Existing Notes who validly tender, and
do not properly withdraw, their Existing Notes in the Exchange Offer
on or prior to 5:00 p.m., London time, on May 11, 2009, unless
extended (the "Early Tender Date") will receive ¤350 aggregate
principal amount of the Secured Notes (the "Early Tender
Consideration") for each ¤1,000 principal amount of Existing Notes
exchanged. Eligible holders of Existing Notes who validly tender
their Existing Notes in the Exchange Offer on or prior to the
Expiration Date but after the Early Tender Date will receive ¤300
aggregate principal amount of Secured Notes (the "Exchange Offer
Consideration") for each ¤1,000 principal amount of Existing Notes
exchanged. In addition, on the settlement date, accrued and unpaid
interest up to, but not including, the settlement date, if any, will
be paid in cash on all properly tendered and accepted Existing
Notes. Tenders of Existing Notes may be withdrawn at any time prior
to the Early Tender Date, but not thereafter. HTM may terminate or
withdraw the Exchange Offer at its sole discretion, at any time and
for any reason.
The Secured Notes will be issued in minimum denominations of ¤1,000
and integral multiples thereof.
The Exchange Offer is being made within the United States only to
"qualified institutional buyers" as that term is defined in Rule 144A
under the Securities Act of 1933, as amended (the "Securities Act")
and to persons located outside of the United States and who would be
participating in any transaction in accordance with Regulation S.
The Secured Notes to be offered have not been registered under the
Securities Act and may not be offered or sold in the United States
absent an applicable exemption from registration requirements. This
press release does not constitute an offer to sell or the
solicitation of an offer to buy Existing Notes or Secured Notes in
any jurisdiction in which such an offer or sale would be unlawful.
The Exchange Offer is not being made and will not be made, directly
or indirectly, in or into the Republic of Italy, whether by mail or
by any means or other instrument (including, without limitation,
telephonically or electronically) or any facility of a national
securities exchange publicly or privately available in the Republic
of Italy.
HTM's obligation to accept any Existing Notes tendered and to pay the
applicable consideration for them is set forth solely in the Offering
Circular. The Exchange Offer is made only by, and pursuant to, the
terms set forth in the Offering Circular, and the information in this
press release is qualified by reference to the Offering Circular.
Subject to applicable law, HTM may amend, extend or terminate the
Exchange Offer.
An application will be made to admit the Secured Notes to listing on
the Official list of the Luxembourg Stock Exchange and to trading on
the Euro MTF Market of that exchange.
Lucid Issuer Services Limited is serving as exchange, information and
tabulation agent in connection with the Exchange Offer. Requests by
holders for information, the Offering Circular and other documents
should be directed to Lucid Issuer Services Limited, Leroy House, 436
Essex Road, London N1 3QP, U.K., Telephone: +44....
ms
Ieri questo bond ha fatto un bel balzo all'insù
. Certo, poca cosa in valore assoluto visto il bassissimo livello delle quotazioni attuali, ma in termini percentuali mi pare abbia preso oltre il 20%. Sono andato a dare uno sguardo in giro, ed ho trovato questa notiziola fresca fresca . Ovviamente l'exchange offer di cui si parla (350 euro di nuovi bond, o 300 per chi aderisce in ritardo, in cambio di 1.000 di quelli attuali) non è, come al solito, accessibile a noi Italiani . E la cosa non mi piace tanto, visto che viene espressamente specificata l'intenzione di ridurre la protezione per i possessori delle existing notes Exchange Offer
Amsterdam - April 21, 2009 - HEAD (VSX: HEAD, U.S. OTC: HEDYY.PK), a
leading global manufacturer and marketer of sports equipment,
announced today the commencement by HTM, a subsidiary of Head N.V.,
of a private exchange offer (the "Exchange Offer"), to exchange its
outstanding ¤135,000,000 8,5 Senior Notes due 2014 (the "Existing
Notes") for its new 10% Senior Secured Notes due 2014 (the "Secured
Notes"). The private offer will not be made to all holders of
Existing Notes, but exclusively to certain holders as further
specified below. The Existing Notes were, and the Secured Notes will
be, issued by HTM Sport- und Freizeitgeräte AG. The Secured Notes
will be jointly and severally guaranteed by Head N.V. and Head
Holding Unternehmensbeteiligung GmbH ("Head Holding"), HTM's indirect
and direct parent companies, respectively, and certain of HTM's
subsidiaries and will be secured by pledges or charges, as
applicable, over certain inventories and trade receivables of HTM and
certain subsidiaries of HTM, and cash under certain circumstances.
The purpose of the Exchange Offer is to reduce HTM's overall
indebtedness and related interest expense and to offer existing
noteholders the opportunity to be secured creditors of HTM.
Concurrently with the Exchange Offer, HTM is also soliciting consents
(the "Consent Solicitation"), from holders of Existing Notes to
certain proposed amendments (the "Proposed Amendments") to the
indenture governing the Existing Notes (the "Existing Indenture").
All tenders of Existing Notes which are submitted will be deemed to
be consents to the Proposed Amendments as a whole. The Proposed
Amendments will reduce the protections afforded to holders of the
Existing Notes by (i) eliminating substantially all of the covenants
in the Existing Indenture governing the actions of the Issuer and its
restricted subsidiaries (ii) eliminating or modifying certain events
of default and (iii) modifying Mares S.p.A.'s guarantee of the
Existing Notes. The supplemental indenture (the "Supplemental
Indenture") giving effect to the Proposed Amendments is expected to
be executed on the settlement date of the Exchange Offer, subject to
the consent of holders of not less than a majority of the outstanding
(determined in accordance with the Existing Indenture) aggregate
principal amount of the Existing Notes having validly consented to
the Proposed Amendments. The Proposed Amendments will become
effective and operative upon execution of the Supplemental Indenture.
The Exchange Offer and the Consent Solicitation will expire at 5:00
p.m., London time, on May 22, 2009, unless extended (the "Expiration
Date"). Eligible holders of Existing Notes who validly tender, and
do not properly withdraw, their Existing Notes in the Exchange Offer
on or prior to 5:00 p.m., London time, on May 11, 2009, unless
extended (the "Early Tender Date") will receive ¤350 aggregate
principal amount of the Secured Notes (the "Early Tender
Consideration") for each ¤1,000 principal amount of Existing Notes
exchanged. Eligible holders of Existing Notes who validly tender
their Existing Notes in the Exchange Offer on or prior to the
Expiration Date but after the Early Tender Date will receive ¤300
aggregate principal amount of Secured Notes (the "Exchange Offer
Consideration") for each ¤1,000 principal amount of Existing Notes
exchanged. In addition, on the settlement date, accrued and unpaid
interest up to, but not including, the settlement date, if any, will
be paid in cash on all properly tendered and accepted Existing
Notes. Tenders of Existing Notes may be withdrawn at any time prior
to the Early Tender Date, but not thereafter. HTM may terminate or
withdraw the Exchange Offer at its sole discretion, at any time and
for any reason.
The Secured Notes will be issued in minimum denominations of ¤1,000
and integral multiples thereof.
The Exchange Offer is being made within the United States only to
"qualified institutional buyers" as that term is defined in Rule 144A
under the Securities Act of 1933, as amended (the "Securities Act")
and to persons located outside of the United States and who would be
participating in any transaction in accordance with Regulation S.
The Secured Notes to be offered have not been registered under the
Securities Act and may not be offered or sold in the United States
absent an applicable exemption from registration requirements. This
press release does not constitute an offer to sell or the
solicitation of an offer to buy Existing Notes or Secured Notes in
any jurisdiction in which such an offer or sale would be unlawful.
The Exchange Offer is not being made and will not be made, directly
or indirectly, in or into the Republic of Italy, whether by mail or
by any means or other instrument (including, without limitation,
telephonically or electronically) or any facility of a national
securities exchange publicly or privately available in the Republic
of Italy.
HTM's obligation to accept any Existing Notes tendered and to pay the
applicable consideration for them is set forth solely in the Offering
Circular. The Exchange Offer is made only by, and pursuant to, the
terms set forth in the Offering Circular, and the information in this
press release is qualified by reference to the Offering Circular.
Subject to applicable law, HTM may amend, extend or terminate the
Exchange Offer.
An application will be made to admit the Secured Notes to listing on
the Official list of the Luxembourg Stock Exchange and to trading on
the Euro MTF Market of that exchange.
Lucid Issuer Services Limited is serving as exchange, information and
tabulation agent in connection with the Exchange Offer. Requests by
holders for information, the Offering Circular and other documents
should be directed to Lucid Issuer Services Limited, Leroy House, 436
Essex Road, London N1 3QP, U.K., Telephone: +44....
ms
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