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Viridian tenders for 313 million, $250 million 11 1/8% notes due 2017
By Susanna Moon
Chicago, Jan. 28 Viridian Group FundCo II Ltd. said it began a tender offer for its 313 million 11 1/8% senior secured notes due April 1, 2017 and $250 million 11 1/8% senior secured notes due April 1, 2017.
The total purchase price will be
1,068.26 for each 1,000 of 252,591,000 outstanding 11 1/8% notes, including an early tender premium of 30.00; and
$1,037.87 per $1,000 of $201,750,000 outstanding 11 1/8% notes, including an early tender premium of $30.00.
The total amounts include an early tender premium per 1,000 or $1,000 of notes tendered by 11:59 p.m. ET on Feb. 10, according to a company press release.
The tender offer will end at 5 p.m. ET on Feb. 26. Tendered notes may be withdrawn by the early tender deadline.
The company also will pay accrued interest up to but excluding the settlement date, which is expected to be Feb. 13 for early tendered notes and Feb. 27 for remaining tenders.
The tender offer is subject to a financing condition.
Credit Suisse Securities (Europe) Ltd. (attn: liability management desk, +44 0 20 7883 8763 email: liability.management@credit-suisse.com), Deutsche Bank AG, London Branch (attn: liability management group, +44 0 20 7545 8011, 212 250-5655 or e-mail: liability.management@db.com) and Royal Bank of Scotland plc (attn: liability management group, 877 297-9832, 203 897-6145 collect or e-mail: liabilitymanagement@rbs.com) are the dealer managers.
Deutsche Bank AG, London Branch (attn: debt & agency services, +44 0 20 7547 5000 e-mail: xchange.offer@db.com) is the tender agent for the euro notes, and Deutsche Bank Trust Co. Americas (attn: reorg. department, 877 843-9767 e-mail: DB.Reorg@db.com) is the tender agent for the dollar notes.
The company will fund the redemptions using proceeds of a 600 million senior secured notes offering, according to a separate company press release.
Proceeds also be used to repay expected drawings under the companys revolving credit facility, to repay some of its subordinated shareholder loan, the proceeds of which will be used by Viridian Group Holdings Ltd. to repay some of its junior credit facility and to make payments for the settlement of cross currency swaps.
Viridian is a Belfast-based energy company.
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