Tendam Brands conditionally calls remaining floaters due 2028

By William Gullotti

Buffalo, N.Y., March 12 – Spain’s Tendam Brands SAU issued a conditional redemption notice to holders of its €300 million floating-rate senior secured notes due 2028 (ISINs: XS2537462462, XS2537462389) on Tuesday, according to two notices.

Tendam elected to redeem the remaining outstanding notes, subject to satisfaction or waiver of a financing condition, at 101 on March 22.

Accrued and unpaid interest totaling €1,778,370 will also be paid for a total redemption consideration of €112,878,370.

The financing condition hinges upon the issuer’s utilization of a new €90 million syndicated term loan facility prior to the redemption date, which will fund the redemption along with Tendam’s cash on hand.

Deutsche Bank AG, London Branch is the paying agent.

Tendam is a Madrid-based fashion retailer.

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