Cramo announces change-of-control under 2.375% notes due 2022

By Sarah Lizee

Olympia, Wash., Feb. 6 – Cramo plc said that a change-of-control event has occurred under its €150 million 2.375% fixed-rate notes due Feb. 28, 2022 (ISIN: FI4000232509).

The company had announced on Nov. 11 that it had entered into a combination agreement with Boels Topholding BV under which Boels launched a recommended public cash tender offer for all of the issued and outstanding shares in Cramo on Nov. 25. Boels and Cramo announced on Feb. 5 the final results of the tender offer as well as Boels's intention to complete the offer.

The completion of the tender offer on Feb. 6 constitutes a change of control under the notes.

On April 9, Cramo will prepay the principal amount and the interest then accrued on the notes, but without any premium or penalty, held by the noteholders who have by written notice required prepayment.

The written notice should be submitted by email to Nordea Bank Abp (cramo-offer@nordea.com) no later than on March 19. Alternatively, notice can be sent by mail to Cramo (attn.: Aku Rumpunen).

If notes representing more than 75% of the principal amount have been prepaid on April 9, Cramo is entitled to prepay also the remaining outstanding notes at par plus accrued interest but without any premium or penalty.

Cramo is a rental services company based in Vantaa, Finland. Cramo Adapteo is the sub-brand for Cramo’s modular space operations.

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