Radisson Hospitality AB initiates a Consent Solicitation process to facilitate the proposed acquisition of more than 50 per cent of its outstanding shares

Radisson Hospitality AB

Radisson Hospitality AB (publ) (“Radisson Hospitality“) announced that its wholly-owned direct subsidiary, Radisson Hotel Holdings AB (publ) (the “Issuer“), has initiated a consent solicitation process relating to its €250,000,000 6.875% Senior Secured Notes due 2023 (the “Notes“) in order to facilitate the proposed acquisition, pursuant to certain existing agreements, including any amendment or extension thereof, by a consortium led by Jin Jiang International Holdings Co., Ltd., a limited liability company organized under the laws of the People’s Republic of China (the “Purchaser“), of more than 50 per cent of the outstanding shares and votes in Radisson Hospitality AB (publ) (together with its subsidiaries, the “Target Group“) from Radisson Hospitality, Inc. and HNA Sweden Hospitality Management AB (the “Sellers“) (the proposed acquisition, the “Acquisition“).

The purpose of the process is the solicitation of consents from the holders of the Notes to a waiver (the “Change of Control Waiver“) and related amendment (the “Proposed Amendment“) of the Indenture governing the terms and conditions of the Notes (the “Indenture“). If given effect, the Change of Control Waiver and the Proposed Amendment would permit (i) the proposed Acquisition by the Purchaser of the Target Group from the Sellers without the need for the Issuer to make a Change of Control Offer as provided for in the Indenture and (ii) subsequent transfers of beneficial ownership of the Target Group to the affiliates of the Purchaser without the need for a Change of Control Offer.

    The consent solicitation will expire at 5:00 p.m. London time on September 25, 2018.

    This information is information that Radisson Hospitality AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, at 08:30 CET on 19 September 2018.

    Partnerships, Mergers Acquisitions

Article source: https://www.hospitalitynet.org/news/4089998.html

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