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Soho House to leave 9 1/8% senior secured notes due 2018 outstanding
New York, Sept. 29 – Soho House Bond Ltd. said its £145 million principal amount of 9 1/8% senior secured notes due 2018 will remain outstanding after the conditions required for a planned redemption were not met.
The company had previously announced that it would repay the notes on Oct. 17 at 106.844 plus accrued interest.
However the conditional redemption was subject to the issue of at least £190 million of new senior secured notes due 2020 and the signing of a £30 million new senior secured credit facility by the redemption date.
On Sept. 23, Soho House announced a £200 million offering of five-year senior secured notes, but the next day the company postponed the deal, citing market conditions, as reported by Prospect News.
London-based Soho House operates exclusive, private membership clubs as well as hotels, restaurants and spas.
© 2015 Prospect News.
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