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Downstream Development tenders for $285 million 10½% notes due 2019
By Wendy Van Sickle
Columbus, Ohio, Dec. 5 – Downstream Development Authority began a cash tender offer for any and all of its $285 million of outstanding 10½% senior secured notes due 2019, according to a press release.
The authority is also conducting a concurrent consent solicitation seeking some amendments to the note indenture.
Downstream is offering a total consideration of $1,037.50 for each $1,000 principal amount of notes, which includes a $30 consent payment for each $1,000 principal amount of notes to be paid to holders who tender their notes and deliver their consents by the consent date of 5 p.m. ET on Dec. 16.
Tendered notes may be withdrawn and consents may be revoked through the consent date, and holders who tender their notes by that date will be deemed to have given their consents to the proposed amendments. Holders may not give their consents without tendering their notes.
Holders who tender after the consent date will receive $1,007.50 per $1,000 principal amount.
The authority will also pay accrued interest to, but excluding, the applicable payment date.
The tender offer will expire at 11:59 p.m. ET on Jan. 4.
The proposed amendments to the note indenture would eliminate substantially all of its restrictive covenants, certain affirmative covenants, certain events of default and substantially all of its restrictions.
Nomura Securities International (Attn: Mark Trudell or Frank Park, 212 667-9000) is acting as dealer manager and solicitation agent for the tender offer and consent solicitation.
D.F. King & Co., Inc. (212 269-5550, 866 356-7813 or quapaw@dfking.com) is the information agent.
Downstream is the gaming concern of the Quapaw Tribe of Quapaw, Okla.
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