Tervita accepts tenders for $497.91 million 7 5/8% notes due 2021

By Taylor Fox

New York, Nov. 19 – Tervita Corp. announced the results of its cash tender offer for any and all of its outstanding $590 million 7 5/8% senior secured notes due 2021 (Cusip: 88158UAA6), according to a news release.

As of the 11:59 p.m. ET Nov. 18 expiration time, $497,908,000 of the notes had been tendered, and the offer conditions have been satisfied.

Holders who tendered their notes at or before the expiration time received the tender offer consideration of $1,002.50 per $1,000 of notes, plus interest on the Nov. 19 payment date.

As previously reported, the offer was subject to the consummation of Tervita’s issuance of new indebtedness on terms satisfactory to the company and the execution of an amended and restated credit agreement on terms satisfactory to the company and resulting in an increase in availability for revolving loans and an extension of term.

Concurrent with the tender offer, Tervita issued a conditional notice to redeem any notes not purchased by the company in the offer on Dec. 9 at par, plus interest. The conditions to redeem have been satisfied, the company said on Thursday.

D.F. King & Co., Inc. (877 478-5040, 212 269-5550; tervita@dfking.com) is the tender agent and information agent.

Deutsche Bank Securities Inc. (855 287-1922, 212 250-7527) is the dealer manager.

Tervita is a Calgary, Alta.-based environmental management company for the oil and gas industry.

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