Garfunkelux Holdco 3 S.A. successfully prices an offering of €175m of additional senior secured floating rate notes due 2021

Lowell (“Lowell” or the “Group”), a European leader in credit receivables management, today announces that Garfunkelux Holdco 3 S.A. has successfully priced a private placement offering directly with certain investors (the “Placement”) of €175 million in principal amount of additional senior secured floating rate notes due 2021, under an indenture dated 28 September 2016, at a price of 101.25%. The closing of the Placement is expected on 21 April 2017, subject to customary closing conditions.

Lowell has used the private placement route to access the debt markets in an accelerated way given the current favourable market conditions to price this Placement. The cash proceeds are being used principally to repay outstanding drawings under the Group’s revolving credit facility, to pay related fees and expenses and to provide for additional liquidity to fund further portfolio acquisitions.
 

For further information, please contact:
Investor Relations enquiries:
Jon Trott, Head of Investor Relations
Telephone: +44 7551 153 793
Email: investors@lowellgroup.com

Cautionary Statement
This press release is for information purposes only and does not constitute a prospectus or any offer to sell or the solicitation of an offer to buy any security in the United States of America or in any other jurisdiction. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”). There will be no offer of the securities to which this announcement relates in the United States.

This announcement does not constitute and shall not, in any circumstances, constitute a public offering nor an invitation to the public in connection with any offer within the meaning of the Directive 2010/73/EU of the Parliament and Council of November 4, 2003 as implemented by the Member States of the European Economic Area (the “Prospectus Directive”).

The securities to which this announcement relates are being distributed in an “offshore transaction” in reliance on Regulation S under the Securities Act only to non-U.S. persons or qualified purchasers (as defined in Section 2(a)(51)(A) of the U.S. Investment Company Act of 1940, as amended), who are qualified investors (as defined in Directive 2003/71/EC, as amended) and who (i) are outside the United Kingdom, (ii) are investment professionals, as such term is defined in experience in matters relating to investments who fall within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”), (iii) fall within Article 49(2)(a) to (d) of the Order or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) may otherwise lawfully be communicated or caused to be communicated pursuant to any other applicable private placement exemption (all such persons together being referred to as “relevant persons”).

Persons distributing this announcement must satisfy themselves that it is lawful to do so. Persons into whose possession this announcement comes should inform themselves about and observe any such restrictions imposed by any jurisdiction where such securities may be offered or placed. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

Forward Looking Statements
This press release may include “forward looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. These forward looking statements can be identified by the use of forward looking terminology, including the terms ‘‘believes,’’ ‘‘estimates,’’ ‘‘anticipates,’’ ‘‘expects,’’ ‘‘intends,’’ ‘‘may,’’ ‘‘will’’ or ‘‘should’’ or, in each case, their negative, or other variations or comparable terminology. These forward looking statements include all matters that are not historical facts and include statements regarding Lowell or its affiliates’ intentions, beliefs or current expectations concerning, among other things, the Placement, Lowell or its affiliates’ results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which it operates. By their nature, forward looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Readers are cautioned that forward looking statements are not guarantees of future performance and that Lowell or its affiliates’ actual results of operations, financial condition and liquidity, and the development of the industry in which they operate may differ materially from those made in or suggested by the forward looking statements contained in this press release. In addition, even if Lowell or its affiliates’ results of operations, financial condition and liquidity, and the development of the industry in which Lowell operate are consistent with the forward looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods. Given these risks and uncertainties, you should not rely on forward looking statements as a prediction of actual results.