September 26, 2017 / 7:18 AM / 3 months ago

Ice Group marketing NOK1.4bn 4NC2 floater

LONDON, Sept 26 (IFR) -

* IPTs 3mN+450/+500 (tbp at par) for NOK1.4bn size. Pricing today. Due 12 Oct 2021, pay 12 Oct, Norwegian law, Oslo listing, 1m/500k denoms. Covenants see below. (8:02am)

Ice Group Scandinavia Holdings AS has mandated DNB Markets and Pareto Securities for a NOK1.4bn 4yr non-call 2yr senior secured floating rate notes issue. Call protection: Make whole first 2yrs, 102.75% after 2yrs, 101.375% after 3yrs, 100% after 3.5yrs. Financial Covenants: Minimum Liquidity of NOK 150m; LTV not to exceed 50%; financial covenants equity cure applies. Dividend restrictions: Max 50% of net profit and max 3x leverage post distribution. Security: first lien security including share pledge, account pledge assignments of loans, asset pledge, inventory pledge, factoring pledge. Investor put at 101% upon a CoC, and applicable call price upon a material asset sale event. UoP: to refi existing bank debt, for growth and for GCP. (8:02am)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below