Market Overview

Elster Announces Conditional Redemption Of Its Euro 250 Million 6.25% Senior Notes Due 2018


ESSEN, Germany, Oct. 24, 2012 /PRNewswire/ -- Today, Elster announced that it has given notice of its intention to redeem in full (the "Redemption") €250 million in aggregate principal amount of its 6.25% Senior Notes due 2018 (the "Notes") (Regulation S Notes: Common Code 061702750, ISIN XS0617027502, Rule 144A Notes: Common Code 061702784, ISIN XS0617027841), at the applicable makewhole price pursuant to the Indenture dated April 21, 2011 (the "Indenture"), plus accrued and unpaid interest. The Redemption will be conditional upon the admission of the Ordinary Shares of New Melrose PLC (company number 8243706; to be renamed "Melrose PLC") to listing on the premium segment of the Official List maintained by the United Kingdom Listing Authority and to trading on the main market of the London Stock Exchange (the "Condition").  At the time of such admission New Melrose PLC will be the ultimate holding company of the Company. 


The Redemption may be revoked if the Condition is not satisfied. The Redemption is being made pursuant to the makewhole redemption provisions of the Indenture and the applicable redemption price will be payable on November 28, 2012, if the Condition is satisfied.

The paying agent for the Notes is Deutsche Bank AG, London Branch.

This announcement is neither an offer to purchase nor a solicitation of an offer to sell securities.  The redemption is made solely by means of the Redemption.

About Elster

Elster is one of the world's largest electricity, gas and water measurement and control providers. Its offerings include distribution monitoring and control, advanced Smart Metering, demand response, networking and software solutions, and numerous related communications and services – key components for enabling consumer choice, operational efficiency and conservation. Its products and solutions are widely used by utilities in the traditional and emerging Smart Grid markets.

Elster has one of the most extensive installed revenue measurement bases in the world, with more than 200 million metering devices deployed over the course of the last 10 years. It sells its products and services in more than 130 countries across electricity, gas, water and multi-utility applications for residential, commercial and industrial, and transmission and distribution applications.

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