By Wendy Van Sickle
Columbus, Ohio, July 6 – Guitar Center, Inc. issued $58,433,394 of new 13% cash/PIK notes due 2022 to settle its offer to exchange its $62,205,340 principal amount outstanding of 13% cash/PIK notes due 2022, according to a news release.
For each $1,000 principal amount of the existing notes tendered before 5 p.m. ET on June 29, holders received $1,000 of new notes and $24.288758 interest and an exchange fee for a total exchange consideration of $1,035.63. Holders will receive the equivalent of this amount in notes, as announced on May 29.
The $24.288758 payment represents interest for the period ending April 15.
The new notes are subordinated to the company’s newly issued 10% senior secured super-priority notes due 2022, the existing 9˝% senior secured notes due 2021 and the company’s asset-based revolving credit facility.
Settlement occurred on July 6.
D.F. King & Co. Inc. (877 478-5047, 212 269-5550 or guitarcenter@dfking.com) is the information agent.
Guitar Center is a Westlake Village, Calif., retailer of musical instruments.
| Issuer: | Guitar Center, Inc.
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| Issue: | Exchange notes
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| Amount: | $58,433,394
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| Maturity: | 2022
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| Coupon: | 13% cash/PIK
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| Settlement date: | July 6
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