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Wendy's begins tender offer, consent solicitation for 10% notes
By Angela McDaniels
Tacoma, Wash., April 17 - Wendy's Co. subsidiary Wendy's Restaurants, LLC began a tender offer for its 10% senior notes due 2016, according to a company news release.
The company is also soliciting consents from noteholders to some proposed amendments that would, among other changes, eliminate substantially all of the restrictive covenants and some event-of-default provisions contained in the indenture governing the notes.
Holders may not tender their notes without delivering their consents, and holders may not deliver their consents without tendering their notes.
The purchase price on offer is $1,081.25 per $1,000 principal amount of the notes. This includes an early tender premium/consent payment of $20.00 for each note tendered by 5 p.m. ET on April 30, the early tender deadline.
The company will also pay accrued interest up to but excluding the payment date.
The tender offer will expire at the end of the day, midnight ET, on May 14.
Any notes purchased through the offer will be canceled.
Subject to market conditions and other factors, Wendy's Restaurants plans to redeem any notes that remain outstanding after the offer.
The offer is being made in connection with a proposed refinancing of the debt of Wendy's Restaurants, including the notes and the debt outstanding under Wendy's Restaurants' existing senior secured credit agreement. Wendy's Restaurants expects that the debt will be repaid with borrowings under a new senior secured credit agreement to be entered into by its subsidiary, Wendy's International, Inc.
The tender offer is subject to the completion of the financing transactions, the receipt of the required consents and the execution of a supplemental indenture.
The dealer manager and solicitation agent is Bank of America Merrill Lynch (888 292-0070 or 646 855-3401). The information agent is Global Bondholder Services Corp. (866 294-2200 or 212 430-3774).
Wendy's is a quick-service hamburger company based in Dublin, Ohio.
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