INOVYN announces refinancing of its outstanding term loans and incremental tranche B term loans to redeem 20% of its outstanding 6.250% senior secured notes due 2021
INOVYN Finance plc (“INOVYN”) today announced its intention to enter into an amendment to its existing senior secured Credit Agreement to, among other things:
- decrease the interest rates applicable to all outstanding tranche B term loans due 2021 and extend the maturity thereof to May 2024;
- decrease the interest rates applicable to all outstanding tranche A term loans due 2021;
- borrow additional tranche B term loans due May 2024 in a principal amount equal to €60,000,000, the net proceeds of which will be used to redeem up to 20% of its outstanding 6.250% Senior Secured Notes due 2021 in two increments of €30,000,000 each at a redemption price equal to 103% of the principal amount of the Notes redeemed, plus accrued and unpaid interest and Additional Amounts (if any) to, but not including, the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date); and
- make certain other amendments to its existing senior secured Credit Agreement.
There can be no assurance that the amendment or the redemption will be completed.