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Secunda International announces annual reduction offer for its senior notes due 2012
By Laura Lutz
Des Moines, Aug. 1 - Secunda International, Ltd. announced it has begun its annual reduction offer for up to $3.8 million of its $125 million senior secured floating-rate notes due 2012.
The annual reduction offer will apply to any notes not tendered in the company's ongoing tender offer and consent solicitation for the same securities.
In that offer, which was extended to Aug. 11 on July 28, all $125 million of the notes had been tendered by the July 12 consent deadline.
That tender offer began June 26, and pricing was fixed July 14.
Assuming a settlement date of Aug. 14 for the earlier tender offer, the company will pay $1,043.58, including the consent payment of $30.00 per $1,000 principal amount. The price is based on a tender offer yield of 5.658% - 50 basis points more than the comparable U.S. Treasury.
In the annual reduction offer, the company would pay the principal amount plus accrued interest for the notes.
If more than $3.8 million notes are validly tendered in the annual reduction offer, then each holder whose notes are accepted for purchase will receive a pro rata share of that amount.
The annual reduction offer will expire at 5 p.m. ET Aug. 29.
The ongoing tender offer is subject to some conditions, including the receipt of tenders from holders of a majority of the notes, Secunda entering into a new credit facility or other financing that provides sufficient cash to fund the offer and the successful pricing of the initial public offering of the company's common shares in Canada.
Banc of America Securities LLC is the dealer manager and solicitation agent for the ongoing tender offer (call High Yield Special Products collect at 212 847-5836 or 888 292-0070). D.F. King and Co., Inc. is the information agent for both offers (call collect 212 269-5550 or 800 758-5378).
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