For immediate release
22 January 2015
HSS Financing plc
Partial Redemption of 6.75% Senior Secured Notes due 2019
HSS Financing plc announces that further to the proposed initial public offering of HSS Hire Group plc (“HSS Hire Group”) (the “IPO”), it is today instructing U.S. Bank Trustees Limited, as trustee, to give notice to the holders of its 6.75% Senior Secured Notes due 2019 (ISIN: XS0982709908) (the “Notes”) that it intends to call for redemption of £64.0 million of its outstanding Notes at a price of 106.750% of the principal amount, plus accrued and unpaid interest to the Redemption Date (as defined below). The redemption amount represents 32% of the original aggregate principal amount of the Notes. Immediately after such partial redemption 68% of the original aggregate principal amount of the Notes will be outstanding.
The partial redemption is conditional on admission of the ordinary shares of HSS Hire Group to the premium listing segment of the Official List of the UK Financial Conduct Authority (the “FCA”) and to trading on the main market for listed securities of the London Stock Exchange plc (together “Admission”), which is expected to occur on 9 February 2015 and contribution of by HSS Hire Group to HSS Financing plc of the net proceeds to HSS Hire Group from the IPO in an amount equal to at least the aggregate redemption price of the Notes.
The partial redemption will give rise to a redemption premium of approximately £4.3 million which will be charged as an exceptional finance cost in HSS Hire Group’s 2015 results.
Conditional on Admission on 9 February 2015 and receipt of proceeds as described above, the redemption date will be the 21st day following the delivery of notice (the “Redemption Date”) of the redemption by the trustee. Elavon Financial Services Limited, as registrar for the Notes shall select Notes for redemption in compliance with the requirements of the Euro MTF Market of the Luxembourg Stock Exchange, and those of DTC, Euroclear and Clearstream. Payment of the redemption price will be made by Elavon Financial Services Limited, UK Branch, the paying agent for the notes, on the Redemption Date upon presentation and surrender of the Notes as set forth in the redemption notice.
ENQUIRIES
| HSS Hire Group | (12/01/15) +44 (0) 20 7638 9571 |
| Chris Davies, Chief Executive Officer | Thereafter:+ 44 (0) 208 897 8566 |
Steve Trowbridge, Chief Financial Officer
Forward looking statements
This announcement contains “forward-looking” statement, beliefs or opinions within the meaning of applicable securities laws about the Group’s intention to launch an IPO. No assurances can be given that an IPO will occur.