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Livingston prices tender offer for 10 1/8% senior notes due 2015
By Marisa Wong
Madison, Wis., April 16 - Livingston International Inc. announced the pricing terms of its tender offer and consent solicitation for its 10 1/8% senior notes due Nov. 9, 2015.
Pricing was set on April 15. Due to a recent extension of the tender offer, the pricing date was pushed back from April 10. Pricing was originally slated for April 2.
The offer is set to end at 5 p.m. ET on April 17, extended from April 12 and, before that, from April 4.
According to a press release, holders who tendered their notes prior to 5 p.m. ET March 19, the early participation time, will receive C$1,097.96 for each C$1,000 principal amount of notes accepted for purchase. The total consideration includes a C$30.00 consent payment.
Holders who tender their notes after the early participation time but prior to the expiration time will receive C$1,067.96 for each C$1,000 of notes accepted for purchase and will not receive the consent payment.
The company also will pay accrued interest to but excluding the payment date. Settlement is expected to occur on April 18.
Investors had tendered about C$130.1 million, or 97.5%, of the notes as of the early participation date, as previously announced.
The company executed a supplemental indenture after receiving consents from holders of a majority of the notes.
The company had sought to amend the notes to eliminate or modify substantially all of the restrictive covenants and some event of default provisions.
RBC Dominion Securities Inc. (877 381-2099 or 416 842-6311) and Morgan Stanley & Co. LLC (800 624-1808 or 212 761-1057) are the dealer managers and solicitation agents. Georgeson Shareholder Communications Canada Inc. (866 656-4104 or askus@georgeson.com) is the information agent, and Computershare Investor Services Inc. is the depositary.
Livingston is a Toronto-based provider of consulting and trade management services and international freight forwarding. It launched the offer on March 6.
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