Finland’s Paroc gives contingent call for €230 million of floaters

By Susanna Moon

Chicago, March 13 – Paroc Group OY issued a conditional redemption notice for its €230 million of floating-rate senior secured notes due 2020.

The notes will be redeemed at par on March 29 assuming the conditions are met, according to a company announcement.

The total redemption amount is expected to be €231,320,468.33, or par plus accrued interest and any additional amounts up to but excluding the redemption date.

The redemption is contingent on the issuer obtaining enough proceeds to redeem the notes from new senior secured credit facilities.

The paying agent is Bank of New York Mellon, London Branch.

Paroc said on March 13 that it plans to redeem its floaters due 2020 as well as its €196 million 6¼% senior secured notes due 2020 in March using proceeds of new loans.

Paroc is planning to price a €435 million term loan B facility and a €70 million revolving credit facility.

Paroc is a Helsinki, Finland-based manufacturer of wool insulation. The company operates chiefly in the Baltic Sea region.

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