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Livingston holders tender C$1.59 million more 10 1/8% notes in offer
By Susanna Moon
Chicago, April 18 - Livingston International Inc. said it received tenders for C$133.2 million, or 98.7%, of its 10 1/8% senior notes due Nov. 9, 2015 by the end of the offer at 5 p.m. ET on April 17.
Investors tendered an additional C$1,585,000 of notes since the early tender deadline of 5 p.m. ET on March 19, according to a company press release.
Settlement was scheduled to occur on April 18.
As noted before, the total purchase price is C$1,097.96 for each C$1,000 principal amount of notes tendered by the early deadline, which includes a C$30.00 consent payment.
Holders who tendered their notes after the early participation time will receive C$1,067.96 for each C$1,000 of notes, which is the total payment less the consent payment.
The company also will pay accrued interest to but excluding the payment date.
Pricing was set on April 15, pushed back from April 10 due to an extension of the tender offer. Pricing was originally slated for April 2.
The offer was extended from April 12 and, before that, from April 4.
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 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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