| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Tenders 2007 > News item |
Insurance Auto Auctions gets consents from all 11% noteholders
By Jennifer Chiou
New York, April 9 - Insurance Auto Auctions, Inc. announced the receipt of the necessary consents in its tender offer for its $150 million of 11% senior notes due 2013 at the early deadline.
As of 5 p.m. ET on April 5, holders of 100% of the notes had tendered and submitted consents.
The company noted that it will execute a supplemental indenture.
Insurance Auto said it will pay $1,157.50, increased from $1,120.00, per $1,000 principal amount of notes.
The tender consideration includes a consent payment of $30.00 per $1,000 principal amount of notes tendered by the consent deadline.
The tender offer ends at 8 a.m. ET on April 23.
The company began the offer on March 22. It is soliciting consents to amend the note indenture to eliminate substantially all of the restrictive covenants and certain events of default. Holders who tender must consent to the proposed amendments.
As announced on Dec. 22, Insurance Auto plans to combine operations with Adesa, Inc., which has entered into a definitive merger agreement under which affiliates of Kelso & Co., GS Capital Partners, ValueAct Capital and Parthenon Capital will acquire all of Adesa's outstanding common stock for $27.85 per share in cash.
The offer is conditioned on the receipt of consents from holders of a majority of the notes, the closing of the merger and the payment in full of all the loans, reimbursement obligations and other obligations and liabilities under Insurance Auto's credit agreement.
Bear, Stearns & Co. Inc. is the dealer manager (877 696-BEAR or call collect 212 272-5112). D.F. King & Co., Inc. is the information agent (888 887-1266 or call collect 212 269-5550).
Insurance Auto is a Westchester, Ill., provider of automotive total loss and specialty salvage services.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.