Tiger Merger extends tenders for Tech Data 3.7%, 4.95% notes to May 19

By Wendy Van Sickle

Columbus, Ohio, May 5 – Tiger Merger Sub Co. again extended the tender offers and consent solicitations related to Tech Data Corp.’s $500 million of 4.95% senior notes due 2027 (Cusip: 878237AGI) and $500 million of 3.7% senior notes due 2022 (Cusip: 878237AH9), according to a news release.

The expiration date will now be 5 p.m. ET on May 5, pushed back from 5 p.m. ET on May 19 and before that from 5 p.m. ET on April 21 and from 5 p.m. ET on April 7.

As of 5 p.m. ET on May 5, tenders had been received of $368,823,000, or 73.76%, of the 4.95% notes and $433,346,000, or 86.67%, of the 3.7% notes.

The figures were up slightly from the early tender deadline, 5 p.m. ET on March 24, by which time the company had received tenders of $364,532,000 of the 4.95% notes and $430,232,000 of the 3.7% notes, as previously reported.

The amounts represented 72.91% of the 2027 notes and 86.05% of the 2022 notes, which was a sufficient level of consent in the tender offer and solicitation to amend the notes’ indentures.

As previously reported, Tiger Merger announced consent solicitations and tender offers on March 10 in connection with the previously announced merger agreement under which Tiger Midco, LLC, the parent of Tiger Merger Sub, has agreed to acquire Tech Data.

Holders who tendered their notes and related consents as part of the offers to purchase did not have to provide consents as part of the separate consent solicitation, and holders who provided consents as part of the separate solicitation may not have tendered their notes and related consents as part of the tender offer.

Approval of the proposed amendments required consents from the holders of at least a majority in principal amount of a series of notes, excluding any notes owned by Tech Data or its affiliates.

Under the separate consent solicitation for the 4.95% notes, holders who deliver their consents to the amendments by the March 24 deadline, will be eligible to receive a consent fee of $5 per $1,000 principal amount of notes.

Holders are being offered a total consideration of $1,015 per $1,000 principal amount of 4.95% notes and $1,012.50 per $1,000 principal amount of 3.7% notes tendered by the early participation time, 5 p.m. ET on March 24.

In each case, the total consideration includes a $30 early participation premium that will not be paid to holders who tender after the early deadline.

Credit Suisse Securities (USA) LLC (212 538-1862), Mizuho Securities USA LLC (212 205-7736) and RBC Capital Markets, LLC (212 618-7843) are the solicitation agents and dealer managers.

Global Bondholder Services Corp. (212 430-3774 or 866 807-2200) is the information and tender agent.

Based in Clearwater, Fla., Tech Data is a technology products distribution company. Tiger Merger Sub is an affiliate of certain investment funds managed by affiliates of Apollo Global Management, Inc.

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