R&R Ice Cream to redeem all 4¾%, 5½%, 8¼%, PIK toggle notes

New York, Aug. 26 – R&R Ice Cream plc said it will redeem its €150 million of 4¾% senior secured notes due 2020, £315 million of 5½% senior secured notes due 2020, A$152 million of 8¼% senior secured notes due 2020 and €253 million of 9¼%/10% senior PIK toggle notes due 2018 issued by R&R PIK plc.

All the notes will be redeemed on Sept. 30 except for the Australian dollar-denominated series, which will be repaid on Oct. 4.

The 4¾% notes will be redeemed at 102.375% of par plus accrued interest up to but excluding the redemption date, the 5½% notes will be redeemed at 102.75% of par plus accrued interest up to but excluding the redemption date, the 8¼% notes will be redeemed at 104.125% of par plus accrued interest up to but excluding the redemption date and the PIK notes will be redeemed at par plus accrued interest up to but excluding the redemption date.

All the redemptions are subject to a financing condition which requires that the company complete financing transactions that will provide sufficient funding.

If this condition is not met or waived by the redemption dates, then the calls will be postponed until two business days after notification by the issuer that the condition is expected to be satisfied.

However the redemption will not be postponed by more than 60 days.

R&R Ice Cream, based in Northallerton, England, claims to be Europe’s largest private label manufacturer of ice creams and lollies.

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