Debtholder Information

Bonds & credit facilities

Frigoglass main funding sources consist of bond financing and committed bank facilities.

Pursuant to the Group’s capital restructuring, Frigoglass Finance B.V. has issued first lien senior secured notes and second lien senior secured notes and entered into first lien secured bank facilities and second lien bank facilities as described below.

Frigoglass Finance B.V.’s (overseas company number C034195) registered address is West Africa House, Hanger Lane, Ealing, London W5 3QP (UK establishment registered number BR019283).

First Lien Debt

€79,394,180 Senior Secured Guaranteed Notes due 2021
Issuer Frigoglass Finance B.V.
Status Senior secured private notes
Issue date October 23, 2017
Maturity date December 31, 2021
Interest rate 4.25% plus EURIBOR (with 0% floor) per annum
Interest payment dates 15 January and 15 July each year, beginning on 15 January 2018.
Denomination and form Registered form. Minimal denominations of €1,000 and integral multiples of €1.

The notes are transferrable (a) only in amounts of €100,000 or greater, except that (b) if all of the notes of a holder are to be transferred, the entire outstanding amount of notes held by such holder may be transferred even if less than €100,000, provided that, in the case of (b) only, the new holder must be a Qualified Investor.  Neither the First Lien Note Agent, the Registrar, Principal Paying Agent, Calculation Agent nor any of the other agents will be responsible for monitoring this minimum transfer amount.

Stock market listing Official List of The International Stock Exchange
Settlement Private notes held in certificated form and settled through the Notes Agent/Issuer.

 

First Lien Facilities
Borrower Frigoglass Finance B.V.
Status Senior secured guaranteed
Amount of the facilities €25,000,000 Revolving Credit Facility (Euro base currency but also available in US Dollars and other currencies approved by the relevant lenders), €7,100,937.38 Term Loan Facility B1 and $10,000,000 Term Loan Facility B2.
Agreement date October 16, 2017
Maturity date December 31, 2021
Interest rate 4.25% plus EURIBOR/LIBOR (as applicable) (with 0% floor) per annum

 

Second Lien Debt

€98,535,239 7.00% Second Priority Secured Notes due 2022
Issuer Frigoglass Finance B.V.
Status Second priority secured
Issue date October 23, 2017
Maturity date March 31, 2022
Interest rate 7.00% per annum
Interest payment dates 15 January and 15 July each year, beginning on 15 January 2018.
Denomination and form Global form. Minimum denominations of €1 and integral multiples of €1 above €1.

The notes are transferrable (a) only in amounts of €100,000 or greater, except that (b) if all of the notes of a holder are to be transferred, the entire outstanding amount of notes held by such holder may be transferred even if less than €100,000, provided that, in the case of (b) only, the new holder must be a Qualified Investor. Neither the Neither the Clearing Systems nor the Second Lien Notes Trustee nor any of the other agents will be responsible for monitoring this minimum transfer amount.

Stock market listing Official List of The International Stock Exchange
Settlement Notes held in global form and settled through the Clearstream/Euroclear.
Codes Reg S Notes:
ISIN: XS1664209464
Common code: 166420946
144A Notes:
ISIN: XS1664209977
Common code: 166420997
Reg D Notes:
ISIN: XS1664210637
Common Code: 166421063

 

Second Lien Facilties
Borrower Frigoglass Finance B.V.
Status Senior secured guaranteed
Amount of the facilities €24,850,000 Revolving Credit Facility (Euro base currency but also available in US Dollars and other currencies approved by the relevant lenders) and €17,393,375.21 Term Loan Facility B1.
Agreement date October 16, 2017
Maturity date March 31, 2022
Interest rate 3.25% plus EURIBOR/LIBOR (as applicable) (with 0% floor) per annum

 



Credit ratings

The Group maintains credit ratings with Standard and Poor’s Ratings Services and Moody’s Investors Service.

Rating Agencies Standard and Poor’s Moody’s
Rating SD Caa1
Outlook  – Negative
Last review 25 May 2017 27 October 2017
Credit Analyst Maxime Puget Lorenzo Re
Details maxime.puget@standardandpoors.com lorenzo.re@moodys.com