Galaxy extends exchange offer for floaters due 2020 until Wednesday

By Susanna Moon

Chicago, March 5 – Galaxy Bidco Ltd. extended the exchange offer for its outstanding floating-rate senior secured notes due 2019.

The exchange offer will now continue until 11 a.m. ET on March 7 and is expected to settle on March 9, according to a company announcement.

As announced Feb. 21, the issuer is offering to exchange the floaters for new floaters due 2020.

The exchange offer was originally set to end at 11 a.m. ET on March 1 with settlement set for March 8.

In exchange, the company is offering new floating-rate senior secured notes due 2020 with a minimum interest rate of Libor plus 450 basis points, subject to a floor of zero.

Galaxy will issue £1,000 principal amount of new floaters plus a cash payment of £2.50 for each £1,000 principal amount.

Holders will also receive accrued interest up to but excluding the settlement date.

Along with settlement of the exchange, the company plans to redeem any outstanding Rule 144A notes or Regulation S notes that are not tendered in the offer or any Regulation S notes that were tendered but not accepted for any reason with proceeds of additional debt or cash on hand.

In connection with the transactions, the company said it plans to extend the maturity of its revolving credit facility to Nov. 1, 2020 and to increase commitments to £100 million.

The amount of restricted payments capacity under the company’s consolidated net income build-up basket under its existing indenture is about £75 million, and the company said it may choose to use some or all of that in order to make a distribution to its shareholders.

The dealer manager is Goldman Sachs International (+44 20 7774 9862 or liabilitymanagement.eu@gs.com). The exchange agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or galaxy@lucid-is.com).

In a separate notice, Galaxy issued a conditional redemption notice for the floaters due 2019.

The notes will be redeemed on March 8 at par plus accrued interest to but excluding the redemption date, if the financing condition is met.

Deutsche Bank Trustee Co. Ltd. is the trustee, and Deutsche Bank AG, London Branch is the principal paying agent.

Galaxy Bidco issues various financial instruments and is based in Skelmersdale, U.K. Galaxy Bidco is a subsidiary of Galaxy Topco Ltd.

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