Cramo holders tender €78.9 million 4½% notes due 2018 in Nordea offer

By Susanna Moon

Chicago, Nov. 23 – Cramo plc said investors had tendered €78,891,000 of its €100 million 4½% notes due February 2018 in the offer by Nordea Bank Danmark AS.

As announced Nov. 14, Cramo plans to issue €100 million to €150 million of five-year fixed-rate notes, which is needed to settle the tender offer.

The new issue condition has not been met yet, according to a company update.

Cramo said it expects to announce the final results of the offer by Nov. 29.

Nordea Bank Danmark is offering €1,052.61 per €1,000 principal amount of 4½% notes plus accrued interest.

The tender offer ended at 9 a.m. ET on Nov. 22 with settlement expected to occur by Dec. 2.

Noteholders who subscribe for new notes in addition to tendering 4½% notes may receive priority in the allocation of the new notes, the company previously said.

The new issue allocation may be given for an aggregate nominal amount of new notes up to the aggregate nominal amount of 4½% notes tendered. New issue allocations will not be subject to pro rata scaling.

The company previously said it was making the offer to proactively manage upcoming debt redemptions and to extend its average debt maturity profile.

Nordea Bank Danmark (NordeaLiabilityManagement@nordea.com or +45 6161 2996) is acting as dealer manager for the tender offer in addition to offeror. Nordea Bank Finland is the tender agent.

Nordea Bank Finland plc and OP Corporate Bank plc are the joint lead managers for the new issue.

Cramo is a rental services company based in Vantaa, Finland.

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