Sarens Home On January 14, 2015 Sarens Finance Company NV, a direct subsidiary of Sarens Bestuur NV, successfully completed a €125m placement of Senior Notes.
The proceeds from the offering will be used to acquire assets currently held off balance sheet under operating leases and purchase options, to repay certain indebtedness and fund related transaction fees and expenses.
Accessing the Benelux and international bond markets was a logical step as Sarens continues to grow and expand its international presence. The ability to raise €125m at 5.125% provided Sarens with an optimal transaction size and interest rate that is fully complementary of its existing debt financings and will provide operational and financial flexibility going forward.
Terms and conditions
Issuer
Sarens Finance Company NV, a limited liability company incorporated under the laws of Belgium.
Parent Guarantor
Sarens Bestuur NV
Subsidiary Guarantor
Sarens UK Ltd, Sarens Cranes Ltd, Sarens Materieel B.V., Sarens BE NV, Sarens NL and any future guarantors that are subsidiaries of the Company, which provide the Subsidiary Guarantees.
Notes Offered
€125.0 million aggregate principal amount of 5.125% Senior Notes due 2022.
Issue Date
February 5, 2015 and October 7, 2016
Issue Price
100.000% (plus accrued interest, if any, from the Issue Date)
Maturity Date
February 5, 2022
Interest Rate
The Notes will bear interest at a rate of 5.125% per annum.
Interest Payment Dates
Interest on the Notes will be payable semi-annually in arrears on February 5 and August 5 of each year, commencing on August 5, 2015, and on the Maturity Date. Interest on the Notes will accrue on the Issue Date.
Denomination
Minimum denomination of €100,000 and integral multiples of €100,000 in excess thereof.
Change of Control
Upon the occurrence of certain events constituting a change of control, the Issuer may be required to redeem the Notes at a purchase price in cash equal to 101% of the principal amount thereof on the date of purchase plus accrued and unpaid interest, if any, to the date of purchase, other than with respect to any Notes of holders which do not require such redemption.
Redemption prices
2018: 102.563%
2019: 101.281%
2020 and thereafter: 100.00%
Governing law for the Notes, Guarantees and Indenture
New York law
Governing law for the Subordination Agreement
English law
Agents
Trusty and Security Agent: The Bank of new York Mellon, London Branch
Listing and Paying Agent: ING Belgium SA/NV
Domiciliary Agent: ING Belgium SA/NV
Registrar and Transfer Agent: The Bank of New York Mellon (Luxembourg) S.A.