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JSG Funding buys virtually all 15½% notes in tender
New York, Feb. 15 - JSG Funding plc said it completed its tender for its dollar- and euro-denominated 15½% subordinated notes due 2013, buying virtually all of them.
The company received valid tenders of $211.108 million and €140.741 million of the notes, 99.99% and 100% respectively, and accepted them for payment.
On Feb. 3, JSG Funding said it had received the necessary consents to amend the notes.
By the consent deadline of noon ET on Jan. 28, the Dublin, Ireland, parent of packaging manufacturer Jefferson Smurfit Group plc had received consents for $211.097 million, or 99.99%, of the dollar notes and €140.741 million, or 100%, of the euro notes.
JSG Funding said it had executed amendments to the note indenture but they will not become effective until the company buys the notes.
The consent solicitation is to amend the indenture to eliminate substantially all of the restrictive covenants and modify certain events of default and other provisions.
JSG Funding also set pricing on Jan. 28.
For the dollar notes, the company was offering $1,186.08 per $1,000 principal amount, including a $20 consent payment that will only be paid to holders who tendered by the consent deadline.
For the euro notes, the company was offering €1,190.66 per €1,000 principal amount, including a €20 consent payment that will only be paid to holders who tendered by the consent deadline.
The tender expired at noon ET on Feb. 11.
Deutsche Bank is dealer manager (contact Liability Management Group at +44 20 7545 8011). The information agent is Global Bondholder Services Corp. (banks and brokers call collect 212 430-3774; others call 866 470-4500).
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