IFM (US) Colonial launches change-of-control offer for 6.45% notes

By Marisa Wong

Los Angeles, Dec. 31 – IFM (US) Colonial Pipeline 2 LLC is offering to purchase for cash any and all of its $250 million outstanding 6.45% senior secured notes due 2021.

The change-of-control offer began on Dec. 11 and will expire at one minute past 11:59 p.m. ET on Jan. 10.

The issuer is offering to purchase the notes at 101 plus accrued interest to but excluding the expiration date, according to a term sheet.

Settlement is slated for Jan. 15.

The amount of notes accepted for purchase may be prorated.

The offer was triggered by a series of reorganization transactions completed by Colonial Pipeline Co. on Nov. 14. Colonial Pipeline became a wholly owned subsidiary of a newly formed holding company, Colonial Enterprises, Inc.

The issuer had issued on Nov. 27 a conditional notice of redemption for the notes. Notes not purchased under the tender offer will be redeemed on Jan. 15 at par plus a make-whole premium and accrued interest.

D.F. King & Co., Inc. (888 887-0082, ifm@dfking.com) is the tender agent and information agent for the change-of-control offer.

IFM Investors is a Melbourne, Australia-based investment management company focused on infrastructure, debt investments, listed equities and private equity. Colonial Pipeline is a refined products pipeline based in Alpharetta, Ga.

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