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GeoEye wraps tender offer, buys $249.5 million of floating-rate notes
New York, Oct. 9 - GeoEye, Inc. said bought $249.5 million principal amount, or 99.8%, of its outstanding $250 million senior secured floating-rate notes due 2012.
The tender expired at midnight ET on Oct. 8.
The response was unchanged from the number of tenders and consents delivered by the consent deadline of 5 p.m. ET on Sept. 24.
As previously announced on Sept. 28, the consents received exceeded the number required to approve the proposed amendments to the notes.
The company sought consents to amend the notes to eliminate substantially all of the restrictive covenants and some event-of-default provisions and modify some additional provisions.
Holders who tendered were required to consent to the proposed amendments and vice versa.
GeoEye previously said it plans to redeem any notes that remain outstanding after the expiration of the offer.
As noted, the purchase price in the tender offer is $1,070 per $1,000 principal amount of notes, including a $30 premium for notes tendered by the consent deadline.
Holders will also receive accrued interest up to but excluding the settlement date.
The offer was conditioned on the consummation of a financing that generates enough proceeds to fund the offer and the redemption of any notes that remain outstanding after the expiration of the offer, the tender of at least a majority of the outstanding notes by the consent deadline, the execution of the supplemental indenture implementing the amendments and certain other conditions.
J.P. Morgan Securities Inc. (800 245-8812) is the dealer manager and solicitation agent. Ipreo (877 746-3583 or 201 499-3500) is the information agent.
GeoEye is a Dulles, Va.-based provider of imagery and imagery information products.
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