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Progroup AG, a leading, family-owned producer and supplier of containerboard and corrugated board in Central Europe, announced today the launch of an offering by Progroup AG of €450 million senior secured notes due 2026.
Progroup intends to use the proceeds from the offering (i) to redeem in full the €345 million outstanding principal amount of its 5.125% senior secured fixed rate notes due 2022 (Regulation S ISIN: DE000A161GC3; Rule 144A ISIN: DE000A161GD1) on 2 May 2018, (ii) to pay a special cash dividend of approximately €76 million to its controlling shareholder JH-Holding GmbH and its minority shareholders for the purpose of enabling the redemption of all of the remaining €81,061,544 outstanding principal amount of the 8.25%/9.00% PIK toggle notes due 2022 of JH-Holding Finance SA (Regulation S ISIN: DE000A1Z09J6; Rule 144A ISIN: DE000A1Z0KA3) on or around June 1, 2018, (iii) to pay transaction costs, fees and expenses, and (iv) for general corporate purposes.
For more information, please contact:
+49 (0) 6341 5576-100