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Cequel receives tenders for $712.40 million of 8 5/8% senior notes
By Jennifer Chiou
New York, Dec. 28 - Cequel Communications Holdings I, LLC announced the early results of its tender offer with subsidiary Cequel Capital Corp. for up to $750 million of the outstanding $1,825,000,000 of Cequel's 8 5/8% senior notes due 2017.
As of 5 p.m. ET on Dec. 27, the early deadline, holders tendered $712,399,000, or about 39%, of the notes.
Settlement was anticipated for Dec. 28.
As reported, the company is offering $1,070.57 per $1,000 principal amount of the notes, including a $30.00 per $1,000 early tender payment for holders who tendered by the early tender deadline.
The offer ends at midnight ET on Jan. 11.
Cequel will also pay accrued interest up to but excluding the settlement date.
The offer is subject to conditions, including a financing condition. Funding is expected to come from an offering of $1 billion of 6 3/8% senior notes due 2020.
J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC are dealer managers. D.F. King & Co., Inc. is tender agent and information (banks and brokers call 212 269-5550, others 800 848-3416, e-mail cequel@dfking.com).
Cequel is a St. Louis-based cable operator. The company launched the offer on Dec. 13.
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