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GlobalFoundries tenders, seeks consents for 5.75% senior notes due 2010
New York, Feb. 22 - GlobalFoundries Singapore Pte. Ltd. announced a cash tender offer and consent solicitation for its 5.75% senior notes due 2010.
The company, previously known as Chartered Semiconductor Manufacturing Ltd., is offering $1,021.25 per $1,000 principal amount for notes tendered by the consent deadline of 5 p.m. ET on March 5.
Holders who tender after that date will not receive the consent payment of $20 per $1,000, so their payment will be $1,001.25 per $1,000 principal amount.
GlobalFoundries will also pay accrued interest up to but excluding the date of payment.
There is an early settlement option so notes tendered by the consent deadline may be settled as early as March 8.
The tender ends at 11:59 p.m. ET on March 19.
The company is also soliciting consents to amend the note indenture to, among other things, eliminate substantially all the restrictive covenants and some events of default.
Holders cannot tender without delivering consents, or deliver consents without tendering.
As a condition to the offer, GlobalFoundries requires tenders and consent from holders of a majority of the notes.
The company said it is carrying out the offer to reduce its debt.
If any notes remain outstanding after the tender,it plans to either satisfy and discharge the indenture or carry out a covenant defeasance.
Credit Suisse Securities (USA) LLC is dealer manager and solicitation agent (call collect 212 325-5912 or 800 820-1653). Global Bondholder Services Corp. is the information agent (call collect 212 430-3774 or 866 470-4500).
GlobalFoundries is a Singapore-based semiconductor foundry.
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