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Allegiant wraps tender for 5½% notes; total hits $347.93 million
By Wendy Van Sickle
Columbus, Ohio, Feb. 7 – Allegiant Travel Co. said it took in additional tenders of $2.17 million of its 5½% senior notes due 2019 after the early deadline of its tender offer for the notes.
In total, the company took in tenders of $347,925,000, or 77.32%, of the $450 million principal amount of the notes, according to an update on Thursday.
The offer opened Jan. 9 and concluded at midnight ET on Feb. 6.
By the early deadline, 5 p.m. ET on Jan. 23, the company reported it had taken in tenders of $345,809,000 of the notes.
The early tenders were settled on Feb. 5. Final settlement was to take place on Feb. 7.
The company paid a total consideration of $1,011.03 per $1,000 principal amount of the early-tendered notes.
The total consideration included an early tender premium of $30.00 per $1,000 principal amount that was not paid to holders who tendered after the early deadline.
Holders also received accrued interest.
The company previously effected a supplemental indenture giving effect to the proposals sought by a concurrent consent bid for the notes.
The amendments passed via the consent solicitation eliminate most of the restrictive covenants and certain events of default applicable to the notes, reduce the minimum notice period required for redemptions to three days from 30 days and amend certain other provisions.
Holders who tendered their notes were deemed to have given their consents. Holders could not deliver consents without tendering their notes.
Barclays (212 528-7581 or 800 438-3242) is the dealer manager and solicitation agent.
Global Bondholder Services Corp. (866 470-4500, 212 430-3774 or contact@gbsc-usa.com) is the information agent.
The low-cost airline is based in Las Vegas.
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