Western Union extends early participation deadline for exchange offer

By Devika Patel

Knoxville, Tenn., March 16 - Western Union Co. said that the early participation period in connection with its offer to exchange up to $500 million of its 5.4% notes due 2011 has been extended.

The deadline, which was 5 p.m. ET on March 15, has been extended through the expiration date of the offer, midnight ET on March 29.

As of 5 p.m. ET on March 15, approximately $279 million in old notes had been tendered. Accordingly, the condition that at least $250 million of the notes be tendered has been satisfied.

The company is offering new notes due April 1, 2020 in exchange for the 5.4% notes.

The coupon on the new notes will be the yield of the 10-year Treasury plus 135 basis points. It is expected to be set on March 25.

The total exchange price for the old notes is based on a fixed-spread pricing formula and will be calculated at 2 p.m. ET on the second business day prior to the expiration of the exchange offer.

If more than $500 million of old notes are tendered, the company will accept notes on a pro rata basis.

The exchange offer is 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 is Global Bondholder Services Corp. (866 488-1500 or 212 430-3774).

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.