WMC Finance tenders for 11¾% notes

New York, May 19 - WMC Finance Co. said it has begun a cash tender offer and consent solicitation for all of its outstanding 11¾% senior notes due 2008.

The Woodland Hills, Calif. alternative mortgage company said the pricing for the tender will be set on the second business day before the expiration of the offer. It did not announce the formula that will be used.

WMC is also soliciting consents to amend the notes indenture to eliminate substantially all the restrictive covenants and certain events of default and to eliminate the obligations of WMC to register the notes under the related registration rights agreement.

WMC said it make a consent payment to holders who deliver consents by the consent deadline but again did not disclose the size of the payment in its announcement.

The consent deadline is 5 p.m. ET on June 3.

The tender ends at 5 p.m. ET on June 17.

The offer is subject to conditions including the receipt of consents from holders of at least a majority of the outstanding principal amount of the notes and the completion of the pending acquisition of WMC by General Electric Capital Corp.

Credit Suisse First Boston LLC is dealer manager and solicitation agent for the offer at (800 820-1653 or collect at 212 538-0652). Georgeson Shareholder Communications, Inc. is the information agent (800 733-0805 or collect at 212 440-9800).

© 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.