MILAN – Hal Holding NV has extended until Monday the provisional deadline for holders of Safilo Group SpA securities to tender their notes in the debt-ridden eyewear maker, after not enough did so ahead of the revised “early-bird” date.

It is the second time this month the Amsterdam-listed Hal has pushed back the date but it does not expect to do so again.

“Hal has decided to extend the offer period from November 27 until November 30, 2009 5:00 p.m., CET,” Hal stated Thursday. “Hal does not anticipate that the offer period will be extended beyond November 30, 2009. If the offer is successful, the new settlement date will be on December 4, 2009.”


Without a successful tender offer, Safilo has said it will likely default on its banking facilities by yearend, leaving bankruptcy its only alternative.

Safilo approved a recapitalization plan on Oct. 19, whereby Hal would inject new equity and pay off some of the eyewear maker’s debts in return for a stake of between 37.23 percent and 49.99 percent.

According to the plan, Hal, which holds a 2.08 percent stake in Safilo, would purchase all outstanding 195 million euro, or $290.9 million, high-yield notes due 2013 for 60 percent of their nominal value and restructure Safilo’s senior debt facilities with its main financing banks.


The deal was subject to an acceptance threshold by note-holders of at least 60 percent on Hal’s cash tender offer by Nov. 18 before the deadline was pushed back to Nov. 27 due a low response. Yet only 42.45 percent had been tendered and not withdrawn by 5 p.m. on Thursday. Hal does yet not own any of the notes.

At the end of September, Safilo’s net debts totaled 586.3 million euros, or $874.8 million.

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