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Viridian gets tenders for 726,000 more euro notes, redeems remainder
By Susanna Moon
Chicago, March 2 Viridian Group FundCo II Ltd. said holders had tendered 726,000 more of its 11 1/8% senior secured notes due April 1, 2017 and none of its 11 1/8% senior secured notes due April 1, 2017 since the early tender deadline.
The company previously accepted 195,819,000 of the euro notes and $182,742,000 of the dollar notes for purchase on Feb. 13, according to a company press release.
The tender offer ended at 5 p.m. ET on Feb. 26.
Viridian also redeemed the remaining notes on Monday, according to a separate company notice.
As announced Jan. 28, the total purchase price for each series of the notes was
1,068.26 for each 1,000 of 11 1/8% euro notes, including an early tender premium of 30.00; and
$1,037.87 per $1,000 of 11 1/8% dollar notes, including an early tender premium of $30.00.
The total amounts include an early tender premium per 1,000 or $1,000 of notes tendered by 11:59 p.m. ET on Feb. 10, the early tender date.
Those who tendered after the early deadline will receive the total amount less the early premium.
The company also will pay accrued interest up to but excluding the settlement date of Feb. 13 for early tendered notes and Feb. 27 for remaining tenders.
Credit Suisse Securities (Europe) Ltd. (+44 0 20 7883 8763 or liability.management@credit-suisse.com), Deutsche Bank AG, London Branch (+44 0 20 7545 8011, 212 250-5655 or liability.management@db.com) and Royal Bank of Scotland plc (877 297-9832, 203 897-6145 or liabilitymanagement@rbs.com) are the dealer managers.
Deutsche Bank AG, London Branch (+44 0 20 7547 5000 or xchange.offer@db.com) is the tender agent for the euro notes, and Deutsche Bank Trust Co. Americas (877 843-9767 or DB.Reorg@db.com) is the tender agent for the dollar notes.
The company previously said it will fund the redemptions using proceeds of a 600 million senior secured notes offering.
Proceeds will also be used to repay expected drawings under the companys revolving credit facility, to repay some of its subordinated shareholder loan, the proceeds of which will be used by Viridian Group Holdings Ltd. to repay some of its junior credit facility, and to make payments for the settlement of cross currency swaps.
Viridian is a Belfast-based energy company.
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