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Liberty Mutual gets tenders for 93.03% of 7.5% notes due 2036 so far
By Angela McDaniels
Tacoma, Wash., April 7 - Liberty Mutual Group Inc. said holders had delivered tenders for 93.03% of its $439.55 million 7.5% senior notes due 2036 and separately delivered consents for an additional 4.77% of the notes as of 5 p.m. ET on April 6.
April 6 was the early tender date in a tender offer that began March 21 and the expiration of a consent solicitation.
Holders may tender their 7.5% notes or separately deliver their consents without tendering their notes. Holders who tendered their notes by the consent solicitation expiration were deemed to have delivered consents.
The company is soliciting consents to terminate the replacement capital covenant that it executed in favor of the 7.5% noteholders in connection with its 10.75% series C junior subordinated notes.
The company previously announced that it received enough consents to terminate the replacement capital covenant. Consents were needed from the holders of a majority of the 7.5% notes.
The consent fee is $20 for each $1,000 principal amount of notes.
Holders who tender will receive $1,070 for each $1,000 principal amount of notes. This amount includes a premium of $50 for each note tendered by the early tender time. No consent fee will be paid for tendered notes.
The company will also pay accrued interest up to but excluding the settlement date for tendered notes.
The notes tendered by the early tender date will be repurchased on April 8.
The tender offer will expire at midnight ET on April 15.
The payment of the purchase price and the consent fee are conditioned the satisfaction of a financing condition.
Merrill Lynch (888 292-0070 or 980 683-3215) and J.P. Morgan Securities LLC (866 834-4666 or 212 834-4811) are the dealer managers and solicitation agents. Global Bondholder Services Corp. (866 873-5600) is the depositary and information agent.
Liberty Mutual is an insurance company based in Boston.
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