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KraussMaffei extends redemption of 8¾% notes until acquisition closes
New York, April 1 – KraussMaffei Group GmbH said it has extended the previously announced redemption of the €260 million of 8¾% senior secured notes due 2020 issued jointly with Krauss-Maffei Corp.
The company said the redemption is being extended because the acquisition of the company by China National Chemical Equipment (Germany) GmbH has not yet closed.
KraussMaffei will now redeem the notes on the first business day following the satisfaction or waiver of the change-of-control condition. The date, however, will not be more than 60 days after the March 1 date of the original notice.
The company previously announced on March 1 that it would repay the notes on March 31 at a price of 106.563 plus accrued interest up to but excluding the redemption date.
Completion of the redemption is subject to satisfaction or waiver of the change-of-control condition.
KraussMaffei is an injection molding machine manufacturer and defense company based in Munich.
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