Etraveli calls floaters, preempting change-of-control put option

By Angela McDaniels

Tacoma, Wash., Nov. 30 – Etraveli AB will redeem all of its senior secured callable floating-rate bonds due 2017 on Dec. 30, according to a notice from the company.

The redemption price is 104% of par plus accrued interest.

The notes became putable at 101% of par due to a change of control. However, the company said it will not buy back any notes under the put option because the settlement date for the put option, Feb. 26, falls after the redemption date.

The change of control occurred on Nov. 30 when the issuer’s parent company, etraveli Holding AB, was acquired by 7Travel Flights HoldCo AB, an indirect subsidiary of Unterfoehring, Germany-based media company ProSiebenSat.1 Media SE.

Etraveli is an online travel agency based in Uppsala, Sweden.

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