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Tender offer for Safilo’s senior notes launched by Hal International Investments N.V.

On October 19, 2009 Safilo’s Board of Directors approved a €283 million recapitalization plan for the Company to be executed in connection with a binding investment agreement underwritten by HAL Holding N.V. (HAL), Only 3T S.p.A. (O3T) and Safilo in order to strengthen Safilo’s capital structure and provide the necessary financial flexibility in the long term.

Condition precedent to the overall recapitalization plan is, amongst others, the successful completion of the cash tender offer (the Offer) launched by HAL International Investments N.V. for the outstanding Safilo Notes 2013 (the Notes).

The Company has been informed by HAL that, as of 5.00 p.m. (CET) November 18, 2009, only 4.25% in principal amount outstanding of the Notes had been tendered in addition to the 38.76% committed prior to the Offer by existing Note-holders. Therefore, a total of 43.01% in principal amount outstanding of the Notes had been tendered. The Company has also been informed that currently neither HAL nor HAL International Investments N.V. owns any of the Notes.

HAL International Investments N.V. has decided to extend the Offer period until 5:00 p.m. (CET) November 27, 2009 (the New Expiration Time). The purchase price offered by HAL International Investments N.V. (€600 for each €1,000 principal amount of Notes) will not change. The new settlement date will be on December 2, 2009.

Consequently, the chance that the Offer will not be successful cannot be neglected. As previously communicated, in such event, the overall recapitalization plan might not take place and the Company would again be in a highly levered situation and will, in all likelihood, default under its banking facilities by year end.

Last update: 26/11/2009, 18:54

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