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J. Paul Getty Trust extends early participation payment to all who tender 5 7/8% bonds
By Angela McDaniels
Seattle, Oct. 18 - The J. Paul Getty Trust said all bondholders who participate in the tender offer for its 5 7/8% taxable bonds, series 2003, due 2033 will receive an early participation payment of $30.00 per $1,000 principal amount of bonds.
Previously, the trust planned to pay the early participation payment only to bondholders who tendered by 5 p.m. on Oct. 17.
The trust also announced that the payout under the tender offer will be $1,069.38 for each $1,000 principal amount of bonds, including the early participation payment.
Bondholders will also receive accrued interest up to but excluding the settlement date.
The tender consideration was determined on Oct. 17 and equals the present value on the initial settlement date plus accrued interest to Oct. 1, 2013, discounted using the 4¼% Treasury due Aug. 15, 2013 and 65 basis points, less accrued interest to the settlement date. The reference yield and the tender offer yield are 4.232% and 4.882%, respectively.
The initial settlement date is Oct. 24 for bonds tendered by Oct. 17 and Nov. 8 for bonds tendered by the tender offer expiration date, which is slated for midnight ET on Oct. 31.
As of Oct. 17, holders had tendered $247.9 million of the bonds.
The tender offer is conditioned on the receipt of financing from a public offering of new bonds.
The trust said it intends to defease any bonds not tendered in the offer.
Morgan Stanley & Co. Inc. (800 624-1808 or call collect 212 761-5384, attn: Tate Forrester) and Bear, Stearns & Co. Inc. (877 696-2327 or call collect 212 272-5112) are the dealer managers. D.F. King & Co., Inc. (call collect 212 493-6996) is the information agent.
The J. Paul Getty Trust is a Los Angeles-based cultural and philanthropic institution that focuses on the visual arts.
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