Welbilt to redeem 9˝% senior notes due 2024 after acquisition by Ali

By Mary-Katherine Stinson

Lexington, Ky., July 6 – Welbilt, Inc. plans to redeem all its outstanding 9˝% senior notes due 2024 on Aug. 4, according to an 8-K filing with the Securities and Exchange Commission Wednesday.

The redemption is conditional upon the completion of the company’s acquisition by Ali Group under the agreement and plan of merger dated July 14, 2021.

The company has issued a conditional notice of redemption to that effect.

As previously reported, under the agreement, Welbilt is being bought for $24 per share, or about $3.5 billion in aggregate equity value and $4.8 billion in enterprise value.

Closing was expected in early 2022, subject to customary conditions, including the approval of Welbilt shareholders.

Welbilt is a New Port Richey, Fla.-based commercial foodservice equipment company. Ali is a Milan, Italy-based foodservice equipment company.

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