Copenhagen, 2013-05-31 17:49 CEST (GLOBE NEWSWIRE) --
Following the close of the divestment the majority owners of ISS are also changing their representatives in the ISS Board of Directors.
Today, ISS advises that it has completed the sale of the pest control businesses of ISS in Australia, Austria, Belgium, Denmark, Germany, Italy, the Netherlands, New Zealand, Norway, Portugal, Spain and Switzerland to
Anticimex.
Jeff Gravenhorst, Group CEO, ISS A/S, said:
“We are pleased to have successfully completed the sale of the pest control activities in these 12 countries. The sale is a result of our continuing streamlining and strengthening of our focus on those activities which are core to our business platform. With focus on mainly pest control and the vision of becoming one of the leading providers in the world, we are convinced that Anticimex will be a very good owner of our pest control activities. As earlier announced, we will use the proceeds from this divestment to further deleverage ISS.”
After the transaction, ISS will continue to have material pest control activities primarily in emerging markets.
Conditional Partial Redemption of Senior Subordinated Notes Due 2016
Following the completion of the sale of the pest control activities in certain countries, and in accordance with the indenture governing the Senior Subordinated Notes Due 2016 (the “Notes”), ISS announces an Excess Proceeds Offer using the net cash proceeds of the pest control asset sale to purchase from note holders a portion of the Notes, on a pro rata basis, at a purchase price in cash equal to 100% of the principal amount thereof, plus additional amounts, if any, and accrued and unpaid interest.
Concurrently with the notice of the Excess Proceeds Offer, ISS will give notice of a conditional partial redemption of Notes in an aggregate principal amount of € 231,312,000 (the “Partial Redemption”) at a redemption price equal to 101.479% of the principal amount thereof, plus additional amounts, as well as accrued and unpaid interest, if any.
The Partial Redemption will be conditional upon Notes equal to €0 having been tendered in the Excess Proceeds Offer (the “Condition”), which ISS may waive in whole, or in part subject to a reduction in principal amount of the Notes to be redeemed in an amount corresponding to the amount of the Notes tendered in the Excess Proceeds Offer.
The redemption price for the Notes pursuant to the Partial Redemption will be higher than the purchase price for the Notes pursuant to the Excess Proceeds Offer.
This announcement is neither an offer to purchase nor a solicitation of an offer to sell the Notes. The proposed Excess Proceeds Offer and Partial Redemption will be made only by separate notices given to the holders of Notes.
Changes in the Board of Directors of ISS
Following the close of the divestment, the majority owners of ISS are also changing their representatives in the Board of Directors. Steven Sher, Goldman Sachs and Harry Klagsbrun, EQT Partners AB are leaving the boards of ISS A/S and ISS World Services A/S.
Andrew E. Wolff, Goldman Sachs, and Morten Hummelmose, EQT, have been elected new members of the Board of Directors of ISS A/S and ISS World Services A/S.
Morten Hummelmose is today Head of EQT Denmark. He joined EQT Partners in August 2006 and has been responsible for EQT’s investments in both DAKO A/S and KMD A/S.
Andrew E. Wolff is Head of Goldman Sachs' Merchant Banking Division in Europe, the Middle East and Africa and Co-Head of the Merchant Banking Division in Asia Pacific.
For enquiries
Media: Kenth Kærhøg, Head of Group Communications, +45 38 17 62 05
Investors: Barbara Plucnar Jensen, Head of Group Treasury, +45 38 17 62 60
About ISS
The ISS Group was founded in Copenhagen in 1901 and has grown to become one of the world’s leading Facility Services companies. ISS offers a wide range of services such as: Cleaning, Catering, Security, Property and Support Services as well as Facility Management. Global revenue amounted to almost DKK 80 billion in 2012 and ISS has more than 530,000 employees and local operations in more than 50 countries across Europe, Asia, North America, Latin America and Pacific, serving thousands of both public and private sector customers. For more information on the ISS Group, visit www.issworld.com.
ISS A/S, CVR 28 50 47 99, ISIN XS0253470644
ISS Global A/S, ISIN XS0206714247
