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Mercury Interactive improves, extends consent solicitation for convertibles
By Jennifer Chiou
New York, Oct. 19 - Mercury Interactive Corp. said it amended its consent solicitation for its $300 million of 4.75% convertible subordinated notes due 2007 and $500 million of zero-coupon senior convertible notes due 2008.
The company is now offering a consent fee of $25.00 instead of $15.00 for each $1,000 principal amount of 4.75% convertibles and $75.00 for each $1,000 principal amount of zero-coupon convertibles to holders of record as of Oct. 7. For the zero-coupon convertibles, Mercury has added a put option, under which the company will be required to repurchase the notes on Nov. 30, 2006 at 107.25%.
The solicitation expiration was extended to 5 p.m. ET on Oct. 25 from 5 p.m. ET on Oct. 18.
In each case, Mercury said it is requesting a limited waiver until March 31, 2006 of any default or event of default due to its failure to file required reports with the Securities and Exchange Commission.
The proposed waivers require consents from at least a majority of noteholders. As of Oct. 18, 72.2% of 4.75% noteholders and 59.5% of zero-coupon convertibles holders submitted consents.
MacKenzie Partners, Inc. is the tabulation agent (call collect 212 929-5500 or 800 322-2885).
Based in Mountain View, Calif., Mercury provides software and services for information technology governance, application delivery and application management.
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