Multicanal extends solicitation, tender offer

Multicanal SA said it extended its consent solicitation and cash tender offer to 5.00 p.m. ET on April 22.

Covered by the solicitation and the tender are Multicanal's 9¼% notes due 2002, 10½% notes due 2007, 13.125% series E notes due 2009, series C 10½% notes due 2018 and series J floating-rate notes due 2003. The tender offer also applies to the Buenos Aires, Argentina company's bank debt.

Multicanal said that as of 5.00 p.m. ET on April 11 holders of $280.1 million or 53.1% of the existing debt (notes plus bank debt) had either tendered or agreed to participate in the consent solicitation. Of this $138 million was for the tender offer and $142.1 million for the solicitation.

Under the tender offer, Multicanal is offering to buy its existing debt - notes or bank debt - at $300 per $1,000 principal amount in cash.

The solicitation is for consent for powers of attorney in favor of an attorney-in-fact to execute an acuerdo preventive extrajudicial (APE).

On approval of the APE by the bankruptcy court, holders who accept the solicitation will receive for each $1,000 principal amount of existing debt, at the holder's option either $1,000 principal amount of 10-year step-up notes or $315 principal amount of either 7% seven-year notes or seven-year floating rate. Holders will also receive 598 shares of class C common stock.

Multicanal is seeking to exchange approximately $100 million principal amount of its existing debt for $100 million of 10-year notes, $157.4 million principal amount of its existing debt for $102.3 million of its seven-year notes (either fixed or floating) and capitalize approximately $167.4 million principal amount of existing debt.

Multicanal will not pay any accrued and unpaid interest (including default interest and additional amounts, if any) on existing debt that is exchanged or capitalized under the APE.

The information agent for the cash tender offer and the APE solicitation is D.F. King & Co., Inc. (212 493-6920); the depositary is JPMorgan Chase Bank (212 623-5162).

Comdisco to redeem remaining 11% notes

Comdisco Holding Co., Inc. said it will redeem its remaining $85 million of 11% subordinated secured notes due 2005.

The company previously redeemed $65 million, $200 million, $100 million, $50 million, $75 million and $75 million principal amounts of the notes on Nov. 14, 2002, Dec. 23, 2002, Jan. 9, 2003, Feb. 10, 2003, March 3, 2003 and April 2, 2003, respectively.

The Rosemont, Ill. company - which now exists only to sell the assets of the former equipment leasing company and distribute the proceeds - will redeem the final notes at par plus accrued interest on April 28.

Wells Fargo Bank will serve as paying agent. A notice will be mailed to holders.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.