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DJO Finance begins exchange offer, consent solicitation for 9¾% notes
By Toni Weeks
San Luis Obispo, Calif., April 16 – DJO Global Inc. announced that indirect wholly owned subsidiaries DJO Finance LLC and DJO Finance Corp. began a private offer to exchange their outstanding $300 million of 9¾% senior subordinated notes due 2017 for new 10¾% third-lien notes due 2020 and cash.
In connection with the exchange offer, the issuers are also soliciting consents to proposed amendments to the indenture governing the old notes to eliminate or waive substantially all of the restrictive covenants contained in the old notes indenture and the old notes, eliminate some events of default, modify covenants regarding mergers and consolidations and modify or eliminate some other provisions including, in some cases, provisions relating to defeasance.
Holders who tender their 9¾% notes by 5 p.m. ET on April 29, the early tender deadline, will receive $1,020 per $1,000 principal amount of old notes, comprised of $1,000 principal amount of new notes and $20 in cash. Holders who tender their notes after the early tender deadline but before the offer’s expiration, midnight ET on May 13, will receive $1,010, comprised of $1,000 of new notes and $10 in cash.
The company will also pay accrued interest in cash.
Notes may be withdrawn before the early tender deadline.
Holders who tender their notes prior to the early tender deadline will be deemed to have delivered their consents to the proposed amendments. In order to be adopted, the proposed amendments must be consented to by the holders of at least a majority of the outstanding principal amount of notes.
San Diego-based DJO Global is a developer, manufacturer and distributor of medical devices that provide solutions for musculoskeletal health, vascular health and pain management.
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