Tervita gets consents needed to amend 11% notes, announces redemption

By Angela McDaniels

Tacoma, Wash., Dec. 3 - Tervita Corp. received enough consents to amend the indenture governing its 11% senior notes due 2015, according to a company news release.

A tender offer and consent solicitation for the notes began Nov. 18 and will end at 11:59 p.m. ET on Dec. 16.

As of the consent deadline, 5 p.m. ET on Dec. 2, holders had tendered $291,365,000 principal amount, or 93.39%, of the notes and delivered the related consents.

The purchase price is $1,006.25 per $1,000 principal amount of notes. This includes a $30.00 consent payment for each note tendered by the consent deadline.

The company also will pay accrued interest up to but excluding the settlement date.

The notes tendered by the consent deadline were all accepted for purchase and have been settled.

All notes that remain outstanding after the offer ends will be redeemed at par plus accrued interest on Jan. 2.

The tender offer was conditioned on financing. This condition has been met.

The company priced an upsized $335 million issue of 10 7/8% senior notes (Caa2/CCC/) due 2018 at 96.684 to yield 11 7/8% on Nov. 20.

RBC Capital Markets, LLC (212 618-7822 or 877 381-2099) is the dealer manager and solicitation agent. D.F. King & Co., Inc. (212 269-5550 or 800 628-8536) is the tender agent and information agent.

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

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