Western Union gets tenders for exchange of $303.67 million 5.4% notes

By Jennifer Chiou

New York, March 30 - Western Union Co. said it accepted tenders for $303,671,000 of notes in its offer to exchange up to $500 million of its 5.4% notes due 2011.

The deadline for the offer was at midnight ET on March 29, coinciding with the early participation deadline that was previously extended from March 15.

As a result, the company issued $324,921,000 of new 5.253% notes due April 1, 2020 in exchange for the tendered 5.4% notes.

For each $1,000 principal amount of old notes tendered, using a yield of 1.052%, Western Union said it issued $1,070.10 of new notes. The coupon on the new notes was the yield of the 10-year Treasury plus 135 basis points.

Settlement occurred on Tuesday.

At 5 p.m. ET on March 15, about $279 million old notes had been tendered, pushing the company past the condition that at least $250 million of the notes be tendered.

If more than $500 million of old notes had been tendered, the company would have accepted notes on a pro rata basis.

The exchange offer was only being made to holders of old notes who have certified to the company in an eligibility letter their status as either "qualified institutional buyers," as defined in Rule 144A under the Securities Act of 1933, or persons other than "U.S. persons," as defined in Rule 902 under the Securities Act.

The information agent was Global Bondholder Services Corp. (866 488-1500 or 212 430-3774).

Western Union is a money-transfer company based in Englewood, Colo.

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