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Prospect News home > News index > List of issuers T > Headlines for Tenders 2009 > News item
Published on 6/19/2009 in the Prospect News High Yield Daily.

CEVA Group subsidiary starts exchange offer for 8½%, 10% notes

By Jennifer Chiou

New York, June 19 - CEVA Group plc announced that its direct, wholly owned subsidiary, CEVA Logistics Cayman, launched a private exchange offer in which it will issue a new series of CEVA's 12% second-priority secured notes due 2014 for the company's €492.5 million of 8½% senior notes due 2014 and €188.25 million of 10% senior subordinated notes due 2016.

The new second-priority notes will be guaranteed by all of the same existing and future wholly owned subsidiaries of CEVA that guarantee the 10% second-priority senior secured notes due 2014.

CEVA said that the aim of the offer is to reduce debt.

For each $1,000 principal amount, the company will issue €620 of new notes for the 8½% notes and €500 of new notes for the 10% notes, with both considerations including €30.00 of notes for those who tender prior to the early deadline of 5 p.m. ET on July 2.

Concurrently, CEVA Logistics Cayman and CEVA Logistics Second Cayman intend to offer new second-priority notes to lenders of CEVA's senior unsecured loan facility. They will pay $620 of new second-priority notes for each $1,000 principal amount of loans surrendered.

Both offers end at midnight ET on July 17.

CEVA said that no more than €95 million of new second-priority notes will be issued in exchange for tendered 8½% notes and no more than €25 million of the new notes will be issued in exchange for tendered 10% notes.

Also, in all offers, no more than €210 million of new notes will be issued.

Lucid Issuer Services Ltd. is the exchange agent (44 20 7704 0880).

Ashby de la Zouch, England-based CEVA Group is an Apollo Management portfolio company.


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