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GlobalFoundries holders deliver consents for 5.75% notes due 2010
By Susanna Moon
Chicago, March 8 - GlobalFoundries Singapore Pte. Ltd. said it accepted tenders of $158,562,000, or 62.22%, of its 5.75% senior notes due 2010 as of the consent deadline of 5 p.m. ET on March 5.
GlobalFoundries said it paid for all tendered notes on Monday with the early settlement option.
The company solicited consents to amend the note indenture to, among other things, eliminate substantially all the restrictive covenants and some events of default.
The company, previously known as Chartered Semiconductor Manufacturing Ltd., was offering $1,021.25 per $1,000 principal amount for notes tendered by the consent deadline.
Holders who tender after that date will not receive the consent payment of $20.00 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.
The tender ends at 11:59 p.m. ET on March 19. It began on Feb. 22.
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 previously said it was 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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