Novasep : Refinancing - Launch of an exchange offer and consent solicitation
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States, Australia, Canada or Japan.
News & Information
Lyon, France, September 26, 2016
REFINANCING - LAUNCH OF AN EXCHANGE OFFER AND CONSENT SOLICITATION
Novasep Holding S.A.S ("Novasep"), a leading global provider of integrated
purification and manufacturing solutions to pharmaceutical and other life
science industries, announces the launch of an exchange offer and consent
solicitation in order to refinance (the "Refinancing") its outstanding 8.00%
Senior Secured Notes due 2016 in the aggregate principal amount of $195,164,000
(the "Existing Notes") with the aim of supporting its robust growth plan and
development. The Existing Notes are currently listed on the Official List of the
Luxembourg Stock Exchange and admitted to trading on the Euro MTF market (ISIN
numbers: XS0737680479 / XS0737712181).
Novasep, its majority shareholder, Bpifrance and certain holders of its Existing
Notes have agreed to take certain actions in support of the Refinancing. Their
agreements include an agreement by certain bondholders holding approximately
75.6% of the Existing Notes (the "Cornerstone Holders") to tender their Existing
Notes in the Exchange Offer (as defined below).
The Refinancing is subject to the terms of an exchange offer and consent
solicitation statement dated September 26, 2016 (the "Exchange Offer
Memorandum") and the related letter of transmittal dated September 26, 2016 (the
"Letter of Transmittal"). The details summarized below are subject in all
respects to the full terms and conditions of the Exchange Offer Memorandum AND
THE LETTER OF TRANSMITTAL.
Under the Refinancing, Novasep is offering to exchange (the "Exchange Offer")
any and all of its Existing Notes (plus all accrued and unpaid interest thereon
to the closing date of the Refinancing) for euro-denominated unsecured notes
(the "Exchange Notes") with warrants attached (obligations à bons de
souscription d'actions) (the "Warrants"). For each US$1,000 principal amount of
tendered Existing Notes in accordance with the procedures set forth in the
Exchange Offer Memorandum and the Letter of Transmittal that is accepted for
exchange pursuant to the Exchange Offer, tendering holders will receive (the
"Exchange Consideration"):
(A) Exchange Notes in a principal amount equal to the euro equivalent of
US$1,000 plus accrued but unpaid interest on the Existing Notes. The Exchange
Notes will mature on May 31, 2019 and will pay a 5% senior interest per annum in
cash payable quarterly, a senior 3% interest per annum that will be capitalized
and payable as a bullet payment in fine, as well as a junior 3% interest per
annum that will be capitalized and payable as a bullet payment after certain
payments due under Novasep's preference shares, to which such interest is
junior;
(B) 300 warrants per Exchange Bond and in total up to 58,549,200 Warrants[1],
which will detach from the Exchange Notes on closing and will each entitle its
holder to subscribe for one newly-issued ordinary share of Novasep at an
exercise price equal to the par value of each share (such par value being equal
on the date hereof to ?0.049). Unexercised Warrants will expire on May
31, 2019; and
(C) a cash payment of US$5, and, for Existing Notes tendered before October
7, 2016, an additional $5 (the "Early Tender Cash Consideration").
The successful completion of the Exchange Offer is subject to a participation
threshold of at least 90% of the outstanding principal amount of the Existing
Notes held by persons other than Novasep or any of its "Affiliates" (as defined
in the indenture relating to the Existing Notes). Pursuant to a concurrent
consent solicitation, tendering holders will be deemed to have consented to
certain amendments to the Existing Notes of non-tendering holders (including
reductions of principal amount and interest, a maturity extension, a release of
security and a removal of restrictive covenants).
The Exchange Offer will remain open until 5:00 p.m., New York City time, on
October 25, 2016 (such date and time, as the same may be extended, the
"Expiration Date"). Existing Notes must be validly tendered in accordance with
the terms and conditions set forth in the Exchange Offer Memorandum and the
Letter of Transmittal on or prior to the Expiration Date in order to be eligible
to receive the Exchange Consideration. In order to be eligible to receive the
Early Tender Cash Consideration, Existing Notes must be validly tendered in
accordance with the terms and conditions set forth in the Exchange Offer
Memorandum and the Letter of Transmittal on or prior to 5:00 p.m., New York City
time, on October 7, 2016 (such date and time, as the same may be extended, the
"Early Deadline").
The Exchange Offer Memorandum AND THE LETTER OF TRANSMITTAL and all related
documentation will be available upon request and free of charge from Lucid
Issuer Services Limited, the exchange and information agent (THE "Exchange
Agent") for the transaction or at the Company's headquarters.
In order to validly tender Existing Notes in the Exchange Offer and be eligible
to receive the Exchange Consideration, the Exchange Agent must receive both (i)
an Electronic Exchange Instruction (as defined in the Exchange Offer Memorandum)
through the relevant clearing system and (ii) a properly completed, executed
original Letter of Transmittal (including all attachments thereto). Any tenders
not in accordance with all of the terms and conditions set forth in the Exchange
Offer Memorandum and the Letter of Transmittal are invalid. Holders should
carefully review the Exchange Offer Memorandum and the Letter of Transmittal
regarding the procedures for tendering Existing Notes and the consequences of
failure to properly tender Existing Notes. Any questions regarding the
procedures for validly tendering Existing Notes should be directed to the
Exchange Agent at the contact information set forth below.
Existing Notes tendered may only be withdrawn prior to 5:00 p.m., New York City
time, on October 25, 2016 (such date and time, as the same may be extended, the
"Withdrawal Deadline") but, except as otherwise provided, not thereafter.
Existing Notes tendered after the Withdrawal Deadline may not be withdrawn,
except as required by applicable law.
About Novasep
Novasep is a global provider of cost-effective and sustainable manufacturing
solutions for life sciences molecules and fine chemicals. Novasep's unique
offering includes process development services, purification equipment and
turnkey processes, contract manufacturing services and complex active molecules
to serve pharmaceutical, biopharmaceutical, fine chemical, food and functional
ingredients as well as fermentation and chemical commodities industries.
www.novasep.com
Analyst contact
Communication Contact: Brunswick
69 Boulevard Haussmann
75008 Paris
France
Agnès Catineau / +33 153 968 383
Nathalie Baudon / +33 153 968 376
novasep(at)brunswickgroup.com
Information and exchange agent:
Lucid Issuer Services Limited
Tankerton Works
12 Argyle Walk
London WC1H 8HA
United Kingdom
+ 44 20 7704 0880
novasep(at)lucid-is.com
Attention: Thomas Choquet / Sunjeeve Patel
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy securities. There will not be any sale of securities in any such
state or country in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any state or
country. The issue, the subscription for or the purchase of the securities
referred to herein may be subject to specific legal or regulatory restrictions
in certain jurisdictions. Novasep assumes no responsibility for any violation of
any such restrictions by any person.
The securities referred to herein have not been and will not be registered under
the US Securities Act of 1933 (the "Securities Act") and may not be offered and
sold in the United States absent registration or an applicable exemption from
the registration requirements of the Securities Act.
This press release is not an offer of securities for sale or a solicitation of
an offer to purchase securities in the United States or any other jurisdiction.
The securities referred to herein may not be offered or sold in the United
States unless registered under the Securities Act or pursuant to an exemption
from such registration. Such securities have not been, nor will be, registered
under the Securities Act. Any offer of securities in the United States would be
made by means of a prospectus that could be obtained from the issuer and that
would contain detailed information about the company and its management as well
as incorporating certain financial statements.
The distribution of this document in certain countries may constitute a breach
of applicable law. The information contained in this document does not
constitute an offer of securities for sale in Canada, Australia or Japan. This
press release may not be published, forwarded or distributed, directly or
indirectly, in the United States, Canada, Australia or Japan.
--------------------------------------------------------------------------------
[1] The Warrants represent up to approximately 25% of the ordinary share
capital of Novasep after taking into account the potential dilution resulting
from the BSA A, BSA B and C shares of Novasep according to their terms and
conditions, on the basis of an estimate of Novasep equity value as of today, but
for the avoidance of doubt, without accounting for any adjustments to securities
that may be triggered by certain operations within the context of the
Refinancing.
Press release refinincing:
http://hugin.info/173227/R/2044634/763547.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Novasep via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 26.09.2016 - 16:31 Uhr
Sprache: Deutsch
News-ID 497042
Anzahl Zeichen: 11709
contact information:
Town:
Lyon
Kategorie:
Business News
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"Novasep : Refinancing - Launch of an exchange offer and consent solicitation"
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