WFS Global (WFS) has been advised that Promontoria Holding 264 B.V. (the issuer), a special purpose vehicle indirectly controlled by funds managed or advised by Cerberus Capital Management (Cerberus), has launched an offering of €660 million senior secured notes, comprised of fixed rate senior secured notes due 2023 and floating rate senior secured notes due 2023.
The proceeds from the offering, if completed, will be used together with certain equity contributions from Cerberus and the existing management of WFS, to (i) finance the indirect acquisition of WFS by the issuer, including the repayment of certain indebtedness of WFS and to pay fees, costs and expenses in connection with the acquisition and offering. The notes will be senior secured obligations of the Issuer and will be secured by escrow charges on the issue date and subsequently guaranteed within 120 days following the completion date of the acquisition.