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CSK Auto accepts tenders for 99% of 7% notes; prolongs offer for 4 5/8% notes
By Jennifer Chiou
New York, July 19 - CSK Auto Corp. said that its wholly owned subsidiary, CSK Auto, Inc., accepted tenders from holders of $224.96 million or 99% of its $225 million of 7% senior subordinated notes due 2014.
The offer expired at 5 p.m. ET on July 18.
On July 7, the company said it had accepted 98% of the securities, which were tendered before 5 p.m. ET on June 30, the early deadline.
CSK added that it extended the deadline in its tender for its $100 million of 4 5/8% senior exchangeable notes due 2025 to 5 p.m. ET on July 21.
As of 5 p.m. ET on July 18, the previous deadline, holders of $33.975 million or 34% of the 4 5/8% notes had tendered their holdings.
As previously announced, the company also said that holders of its $125 million of 3 3/8% senior exchangeable notes due 2025 accelerated payment on the securities due to CSK Auto's failure to file its 10-K for the year ended Jan. 29 before July 2.
CSK had said it would use $125 million under its term credit facility to fund the acceleration. The company will also pay accrued interest and said it will retire the notes. The previously announced tender offer is now moot.
The Phoenix, Ariz., specialty retailer in the automotive aftermarket is also soliciting consents to amend the indenture for the notes, eliminating all material restrictive covenants and certain events of default and related provisions. It previously received the necessary consents to amend the 7% notes.
CSK Auto said it will pay par plus accrued interest to the purchase date.
The offers are conditioned upon tenders from holders of a majority of the notes as well as financing from a new credit facility.
The Altman Group, Inc. is the information agent and depositary (201 806-7300).
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