PAROC GROUP OY
6.250% Senior Secured Notes due 2020
Floating Rate Senior Secured Notes due 2020
Reference is made to the 6.250% Senior Secured Notes due 2020 (the “Fixed Rate Notes”) and Floating Rate Senior Secured Notes due 2020 (the “Floating Rate Notes” and, together with the Fixed Rate Notes, the “Notes”) issued by Paroc Group Oy (the “Issuer”).
The Issuer hereby gives notice that the sale of the entire issued share capital of Paroc Panel System Oy Ab (“Paroc Panel System”) to Kingspan Oy was completed on December 14, 2016 (the “Sale”). Upon completion of the Sale, the guarantee previously given by Paroc Panel System in respect of the Notes and the security previously granted in respect of certain collateral (including the shares of Paroc Panel System, certain intellectual property rights and all other collateral granted by Paroc Panel System) was released.
The personnel of PPS will be transfered to the new owner. Along with the transaction, the parties have agreed on commercial cooperation in stone wool supply to the PPS factory in Parainen.
"The arrangement supports the focus of Paroc on building and technical insulation. We will continue to seek market expansion and growth possibilities in those areas,” says Kari Lehtinen, CEO of Paroc Group.
PPS is a subsidiary of Paroc Group Oy. In 2015, PPS sales totaled EUR 47 million, with about 100 employees in Finland, Sweden, Norway, Denmark, and Germany. Paroc Panel System panels are manufactured in Parainen, Finland.
For further information, please contact:
Kari Lehtinen, CEO Paroc Group, tel. +358 46 876 8904