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CEVA offers for 8½%, 10% notes oversubscribed at early deadline
By Angela McDaniels
Tacoma, Wash., July 7 - CEVA Group plc said that €309,439,000 principal amount, or 62.8%, of its €492.5 million 8½% senior notes due 2014 and €61,173,000 principal amount, or 32.5%, of its €188.25 million 10% senior subordinated notes due 2016 had been tendered in CEVA Logistics Cayman's exchange offers for the notes as of the early tender date, which was 5 p.m. ET on July 2.
CEVA Logistics Cayman, a direct, wholly owned subsidiary of CEVA, began the offers on June 19. They will end at midnight ET on July 17.
Holders are being offered new 12% second-priority secured notes due 2014, which will be issued by CEVA and guaranteed by all of the wholly owned subsidiaries that guarantee the 10% second-priority senior secured notes due 2014.
For each €1,000 principal amount, the company will issue €620 of new notes for the 8½% notes and €500 of new notes for the 10% notes. Both payments include €30 of new notes for notes tendered prior to the early deadline.
Concurrently, CEVA Logistics Cayman and CEVA Logistics Second Cayman plan to offer new second-priority notes to lenders under CEVA's senior unsecured loan facility. They will issue $620 of new notes for each $1,000 principal amount of loans surrendered.
CEVA said that no more than €95 million of new notes will be issued in exchange for tendered 8½% notes and no more than €25 million of new notes will be issued in exchange for tendered 10% notes.
In all the offers, no more than €210 million of new notes will be issued.
Because the exchange offers are oversubscribed, tendered notes will be accepted on a pro rata basis.
CEVA said the aim of the offers is to reduce debt.
Lucid Issuer Services Ltd. (44 20 7704 0880) is the exchange agent.
Ashby de la Zouch, England-based CEVA Group provides logistics and supply chain management services and is an Apollo Management portfolio company.
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