Germany’s Safari to redeem at least €56.5 million 8¼% notes due 2021

By Susanna Moon

Chicago, Jan. 17 – Safari Holding Verwaltungs GmbH plans to redeem at least €56.5 million more of its €235 million 8¼% senior secured notes due 2021.

The notes will be redeemed at a price of 104.125% of par plus accrued interest to but excluding the redemption date of €42.17 per €1,000 principal amount.

Safari also may repurchase up to €23.5 million more of the notes to the extent that its current mandatory amortization offer is undersubscribed, according to a company notice.

As announced, the company began its mandatory amortization offer on Jan. 11 for up to €23.5 million, or 10%, of its €235 million 8¼% notes.

The issuer is required to offer to repurchase the notes at par plus accrued interest each year, on the date falling 25 business days prior to Feb. 15.

The current offer will remain open until noon ET on Feb. 8, with settlement following on Feb. 15.

Last year, Safari repurchased €400,000 of the 8¼% notes in the offer that ran until noon ET on Feb. 8, 2016.

After that repurchase, there was €234.6 million of the notes left outstanding.

Deutsche Trustee Co. Ltd. is the trustee, and Deutsche Bank AG, London Branch is the paying agent.

Questions may go to Deutsche Bank (at xchange.offer@db.com or +44 20 7547 5000).

As announced before, the company also ran the required amortization offer to repurchase the same amount of the 8¼% notes on Jan. 12, 2015.

Safari is an arcade operator based in Bingen Am Rhein, Germany.

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