Aecom gives early results of tender offer for 5 7/8% notes due 2024

By Rebecca Melvin

Concord, N.H., April 7 – Aecom announced early results of its cash tender offer dated March 24 for up to $500 million aggregate purchase price of its $797,252,000 outstanding 5 7/8% senior notes due 2024 (Cusip: 00766TAD2), according to a company release.

As of 5 p.m. ET on April 6, there were $607,940,000 principal amount of notes validly tendered and not withdrawn.

Holders who tendered notes by the early deadline will receive the total consideration of $1,146.25 per $1,000 of notes, including a $30 early tender premium.

The company said it may increase or decrease the aggregate maximum purchase price at any time without extending the early deadline, withdrawal deadline or expiration for the tender offer.

Consummation of the tender is conditioned on satisfaction or waiver of certain conditions described in the offer to purchase and a consent solicitation statement, including the company entering into a new senior secured term loan credit facility. The proceeds will be used together with cash on hand to fund the purchase of the tendered notes.

In connection with the offer, the company announced that it has received the required consents to amend the indenture governing the notes to eliminate substantially all of the restrictive covenants and some events of default and to change some notice requirements for redemption of the notes. Because the requisite consents were received, Aecom has executed and delivered to the trustee a supplemental indenture, which was executed and will become operative upon the company accepting and making payment for all notes tendered by the early settlement date.

Tendered notes are subject to proration, with early settlement expected to be on April 13.

The offer and consent solicitation will expire at 11:59 p.m. ET April 20.

The final settlement date will be April 22.

BofA Securities (980 388-3646; debt_advisory@bofa.com) is the dealer manager, and D.F. King & Co., Inc. (800 290-6426, 212 232-3233; aecom@dfking.com) is the tender and information agent.

Based in Los Angeles, Aecom designs, builds, finances and operates infrastructure assets for governments, businesses and organizations.

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