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Harbinger tenders, solicits consents for $500 million 10 5/8% notes
By Susanna Moon
Chicago, Dec. 10 - Harbinger Group Inc. said it began a tender offer and consent solicitation for its $500 million principal amount of 10 5/8% senior secured notes due Nov. 15, 2015.
The company is also seeking consents to amend the notes and needs consents of at least a majority of the outstanding notes for some proposed amendments and at least 75% of the outstanding notes for additional proposed amendments.
The total purchase price will be $1,091.81 for each $1,000 principal amount of notes tendered by 5p.m. ET on Dec. 21, the early tender date.
The total payment includes a $20.00 consent payment per $1,000 of notes.
The tender offer will end at midnight ET on Jan. 8.
Those who tender after the early tender deadline will receive the tender payment of $1,071.81 per $1,000 principal amount.
The company also will pay accrued interest to but excluding the settlement date, which will be Dec. 24 for notes tendered by the early deadline and Jan. 9 for those tendered after the early deadline.
Holders cannot deliver consents without tendering their notes or tender notes without delivering the corresponding consent, according to a company press release.
Tendered notes may be withdrawn before the earlier of 5 p.m. ET on Dec. 21 and the date a supplemental indenture is executed, the release noted.
The tender offer and consent solicitation are conditioned on completion of debt financing.
Harbinger plans to start a roadshow on Dec. 11 for a $650 million offering of seven-year senior secured notes, as reported by Prospect News.
Deutsche Bank Securities Inc. (855 287-1922) is the dealer manager. D.F. King & Co., Inc. (800 431-9633) is the information agent and the depositary.
The issuer is a New York-based diversified holding company.
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