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Lawson terminates change-of-control tender offer for 11½% notes
By Angela McDaniels
Tacoma, Wash., March 29 - Lawson Software, Inc. terminated the tender offer for its 11½% senior notes due 2018, according to a company news release.
All notes previously tendered will be returned to their holders.
As previously reported, the tender offer was triggered by a change of control. It began on March 8 and was scheduled to end at midnight ET on April 4. The company was offering 101 plus accrued interest.
The company also held a consent solicitation for the notes that ended at 5 p.m. ET on March 27. It received consents from the holders of $462.28 million principal amount, or 82.6%, of the notes, enough to waive its obligation to go through with the tender offer.
Holders who consented will receive a consent payment of $3.75 per $1,000 principal amount of notes in cash. The payment of the consent fee remains subject to the completion of the Info contribution, which is expected to be completed on April 5.
Lawson is an affiliate of Infor Global Solutions Parent, Ltd. Infor and SoftBrands Holdings, LLC will enter into a series of reorganization transactions. These transactions, in turn, will result in a new Cayman Islands exempted company, ComboCo. All of the outstanding capital stock of Infor Global Solutions Intermediate Holdings Ltd. will be contributed to ComboCo.
The purchase offer and consent solicitation were two separate offers. Holders could either tender notes or deliver consents but not both.
Bank of America Merrill Lynch (888 292-0070 or 980 388-3646) was the solicitation agent. Wilmington Trust, NA (attn: Sam Hamed at 302 636-618) was the depositary and paying agent.
Lawson is a St. Paul, Minn.-based software company.
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