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Rainbow says all $325 million 10 3/8% notes tendered by early deadline
By Angela McDaniels
Tacoma, Wash., June 29 - Rainbow National Services LLC said holders had tendered all $325 million of its 10 3/8% senior subordinated notes due 2014 as of 5 p.m. ET on June 28, which was the early tender date in a tender offer that began June 15.
The company is also soliciting consents for proposed amendments to the indenture to eliminate most of the restrictive covenants and some events of default and to modify other provisions.
Holders who tendered were deemed to have delivered consent, and consents are needed from the holders of at least a majority of the notes. As a result, enough consents have been received to make the amendments, according to a company news release.
Holders will receive $1,039.58 per $1,000 principal amount, which includes an early tender premium of $10.00 per note. The company will also pay accrued interest up to but excluding the payment date, which is expected to be June 30.
The offer will end at 8 a.m. ET on July 14.
The subsidiary of Cablevision Systems Corp. said that the offer is in connection with Cablevision's leveraged spinoff of AMC Networks Inc. The completion of the tender offer is contingent on the completion of the spinoff.
Bank of America Merrill Lynch (888 292-0700 or call collect 980 388-9217) and J.P. Morgan Securities LLC (800 245-8812 or call collect 212 270-1200) are the dealer managers. The information agent is MacKenzie Partners Inc. (800 322-2885 or call collect 212 929-5500).
Rainbow is the owner of 24-hour entertainment services operated as parts of Cablevision, a Bethpage, N.Y.-based telecommunications, media and entertainment company.
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