Czech Republic’s RPG seeks consents for €400 million 6¾% notes

By Susanna Moon

Chicago, March 23 – RPG Byty, sro said it began a consent solicitation for its €400 million 6¾% senior secured notes due 2020.

The consent solicitation will end at noon ET on March 31.

The solicitation is intended to provide the issuer with the flexibility to consider and to potentially complete potential sales under the note terms, according to a company press release.

Over the past 24 months, the issuer’s equityholders have reviewed strategic alternatives for the issuer, and they are considering the possible sale of their ownership rights in the issuer, the press release said.

Because it is unclear whether any potential sale will close before May 2, the proposed amendments are sought to modify the definitions of change of control to extend the period during which the change of control is permitted under the notes indenture to the fourth anniversary of the issue date from the second anniversary, according to a company press release.

To amend the notes, the company must secure consents from holders of at least a majority of the outstanding voting as a single class.

The consent payment will be €5 per €1,000 principal amount in cash.

The solicitation agent is Goldman Sachs International (+44 0 207 774 9862 or liabilitymanagement.eu@gs.com). The tabulation and information agent is Lucid Issuer Services Ltd. (+44 0 207 704 0880 or rpg@lucid-is.com).

The Ostrava, Czech Republic-based company operates and leases residential apartments.

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