First Pay: 2026-12-31; Redemption: 2028-08-15; Registration: Reg S Only; Comments: MWC: B+50. CoC: 101%;
Use of Proceeds
Along with EU29m cash on hand, to refinance its existing HSE Investment Sarl EUR311m senior secured FRN due 15-Oct-2029, and up to EUR100m will be offered to existing PIK note holders as Exchange. Existing PIK notes: HSE Finance Sarl EUR192m original amount (EUR211.665m current size) sr sec PIK FRN due 15-Apr-2030. The maturity of the remaining PIK notes will automatically be extended to April 2032. There is a concurrent consent solicitation with respect to the PIK notes to remove the restrictive covenants, reporting requirements, and certain events of default. There is also a consent solicitation with respect to the Contingent Value Rights (CVR) holders to de-staple the CVRs from the PIK notes