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Citigroup gets tenders for $13.8 million of Endeavor's income notes
By Angela McDaniels
Tacoma, Wash., Sept. 7 - Citigroup Global Markets Inc. received tenders for $13.8 million of notes in its tender offer for any and all of the $28.6 million of class S-1 income notes due 2019 and $14 million class S-2 income notes due 2019 issued by Endeavor Funding Ltd., according to a company news release.
Holders tendered $5.8 million, or 20.28%, of the $28.6 million class S-1 notes and $8 million, or 57.14%, of the $14 million class S-2 notes.
The company also held a tender offer for any and all of the outstanding $25 million class A-1 floating-rate senior notes due 2019, $20 million class A-2 floating-rate senior notes due 2019, $26 million class B floating-rate deferrable senior subordinated notes due 2019 and $27 million class C floating-rate deferrable senior subordinated notes due 2019 issued by Endeavor Funding. Holders did not tender any of these notes.
Citigroup will pay $550 for each $1,000 principal amount of income notes. It offered $980 for the class A-1 notes, $920 for the class A-2 notes, $900 for the class B notes and $870 for the class C notes.
Holders had to tender at least $500,000 of notes in order to participate in the offers.
The offers expired at 11:59 p.m. ET on Sept. 6.
Following the settlement of the tendered notes, Citigroup will own at least 75% of the principal amount of income notes outstanding.
The offers were conditioned on the receipt of tenders for at least $3.15 million of the income notes. They were not conditioned on financing.
The information agent was Global Bondholder Services Corp. (212 430-3774 for banks and brokers, others call 866 294-2200). Questions about the offers should be directed to John Clements, managing director of Citigroup's structured credit group (212 723-6173).
Citigroup is a financial services company based in New York.
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