A majority of noteholders of Officine Maccaferri SpA, or OM, have submitted a binding offer to purchase all shares of the Italian engineering company.
The group, which holds the majority of the company’s 5.75% notes due 2021, includes Carlyle Global Credit Investment Management LLC, Man GLG and Stellex Capital Management. They want to buy OM after the group in May filed for pre-insolvency proceedings at a court in Bologna for a 'concordato preventivo con riserva,' or 'composition with creditors,' procedure.
The bondholders have been in discussions about a debt restructuring with OM’s 100% shareholder S.E.C.I. Società Esercizi Commerciali Industriali SpA, which itself filed for a composition with creditors procedure in June 2019.
Ahead of OM’s pre-insolvency filing, it said it had signed a restructuring agreement with bondholders and S.E.C.I., which outlines and regulates the different phases of a new financing and intervention on OM's capital. The bondholder group is working with DC Advisory and Delfino e Associati Willkie Farr & Gallagher as advisers.
The agreement included an application to receive a new €60 million super-senior bridge financing and use part of the new bridge loan to support some Italian and foreign subsidiaries.
OM defaulted in December following a missed coupon payment on its €190 million of 5.75% notes due June 2021. The grace period on the coupon expired on Dec. 31, 2019. The bonds were placed in May 2014 by Credit Suisse (B&D), Banca IMI, BNP Paribas and UniCredit as joint bookrunners.