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Galaxy accepts £106.73 million notes in exchange, to issue £43.5 million additional floaters due 2020
By Wendy Van Sickle
Columbus, Ohio, March 16 – Galaxy Bidco Ltd., a subsidiary of Domestic & General Group Ltd., received and accepted £106,732,000 tenders of existing notes in the exchange offer for its outstanding floating-rate senior secured notes due 2019, according to a notice.
As announced Feb. 21, the issuer was offering to exchange the floaters for new floating-rate senior secured notes due 2020.
The company also priced an additional £43.5 million of the new floaters notes due 2020 at 99.75.
The final spread on the new floaters is Libor plus 450 basis points with a 0% Libor floor.
The exchange offer ended at 11 a.m. ET on March 12 after having been extended from 11 a.m. ET on March 7 and before that from March 5 and March 1.
Galaxy offered £1,000 principal amount of new floaters plus a cash payment of £2.50 for each £1,000 principal amount amounting to a total exchange fee payment of £266,830.
Holders will also receive accrued interest up to but excluding the settlement date, which is expected to be March 21.
Along with settlement of the exchange, the company plans to redeem any outstanding Rule 144A notes or Regulation S notes that were not tendered in the offer on the later of March 21 and the date a financing condition has been met or waived.
In no case will the redemption be later than 60 days after the date of the redemption notice.
If the redemption occurs on March 21, the total redemption payment will be £68,620,722.
The redemption will be funded by cash on hand and proceeds of the additional £43.5 million of notes.
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).
Galaxy Bidco is a subsidiary of Domestic & General Group, a Bedworth, U.K., provider of extended warranties for domestic appliances.
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