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GC Impsat gets tenders for nearly all of its 9 7/8% notes due 2017
By Susanna Moon
Chicago, Sept. 22 - GC Impsat Holding I plc said it accepted for purchase almost all $223.8 million principal amount of its 9 7/8% senior notes due 2017 tendered by midnight ET on Sept. 21, the expiration date.
The tendered notes represent 99.5% of the $225 million principal amount of outstanding notes.
As a result of the completed tender, amendments to the notes under the supplemental indenture have become operative and most of the restrictive covenants and events of default contained in the indenture have been eliminated, according to the press release.
The company said on Sept. 10 that it had received tenders and consents for $215.8 million, or 95.9%, of the notes due 2017.
The response was sufficient for GC Impsat to be able to amend the notes.
The supplemental indenture goes into effect when the company buys the notes. The payment date is Wednesday.
On Aug. 24, GC Impsat announced it had begun a cash tender offer and consent solicitation for the debt.
The company was offering to buy all the notes at $1,050 per $1,000 principal amount, including a $50.00 per $1,000 consent payment that will only be made to holders who tendered with consents by 5 p.m. ET on Sept. 10.
GC Impsat will also pay accrued interest up to but excluding the settlement date.
Funding will come from a debt transaction by affiliates of the company.
Conditions to completing the offer included completion of the financing and the receipt of tenders from holders of a majority of the notes by the consent deadline.
Goldman, Sachs & Co. (800 828-3182 or call collect 212 357-4692), Credit Suisse Securities (USA) LLC and J.P. Morgan Securities Inc. were dealer managers. Global Bondholder Services Corp. (866 544-1500 or 212 430-3774) was depositary and information agent.
GC Impsat is a Florham Park, N.J., provider of telecommunications services in Latin America.
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