Avid Technology ups its offer in tender for 2% convertibles due 2020

By Wendy Van Sickle

Columbus, Ohio, April 25 – Avid Technology Inc. increased the price it is offering in its cash tender offer for any and all of its $102,853,000 outstanding 2% senior convertible notes due 2020.

The company is now offering to purchase the notes at $982.50 per $1,000 principal amount, up from the $977.50 per $1,000 of notes offered when the tender was announced on April 11.

The company will also pay accrued interest to, but excluding, the redemption date.

The offer expires at 12:01 a.m. ET on May 9.

The tender offer is conditioned on the company receiving $100 million of committed delayed-draw funds under an amended credit facility. Borrowings will be used, along with available cash, to fund the purchase of tendered notes.

The tender offer is not conditioned on any minimum amount of notes being tendered.

Jefferies LLC (212 284-8137) is the dealer manager. Global Bondholder Services Corp. (attn.: corporate actions, 212 430-3775/3779 for fax, 212 430-3774 to confirm receipt of fax, 212 430-3774 for banks and brokers or 866 470-4300 for all others) is the tender and information agent.

Avid is a technology and multimedia company based in Burlington, Mass.

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