LTIC makes unsolicited tender for Ballantyne Re’s class A2, A3 notes

By Susanna Moon

Chicago, Nov. 16 – Ballantyne Re plc said it has received notice of an unsolicited tender offer by Long Term Insured Credit Fund, LLC for up to $226.2 million of its class A3 floating-rate guaranteed notes due May 2, 2036, series A, B, C and D, and Ballantyne Re's class A2 floating-rate guaranteed notes due May 2, 2036, series A and B.

The purchase price is $60,000 per $100,000 principal amount.

The tender offer expires at 5 p.m. ET on Dec. 4.

“Ballantyne Re is in no way associated with LTIC, the tender offer or the tender offer documentation,” according to the company notice.

Ballantyne said it has received some details of a potential restructuring for all of the class A2 notes and class A3 notes, which are the subject of the tender, and the company’s board “is evaluating with its advisors and which, if consummated, is expected to yield higher value for holders of the notes than the tender offer.”

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