Evergreen International Aviation gets tenders for 98% of $125 million 12% notes

By Laura Lutz

Des Moines, Aug. 9 - Evergreen International Aviation, Inc. received tenders and consents from holders of 97.94% of its $215 million outstanding 12% senior second secured notes due 2010 before the expiration of its consent solicitation on Aug. 8.

The company said it will pay $1,080 plus accrued interest up to the payment date for each $1,000 principal amount of tendered notes.

The payout includes a consent payment of $30.00 for holders who tendered before the consent deadline. Now that it has received the necessary consents, Evergreen plans to eliminate most of the restrictive covenants and modify some other provisions in the note indenture. Execution of the supplemental indenture depends on some other conditions, including the receipt of net cash proceeds sufficient to finance the tender offer from its new senior secured credit facility.

The tender offer expires at 5 p.m. on Aug. 21.The tender offer and consent solicitation were announced July 20.

Credit Suisse Securities (USA) LLC is the dealer manager and solicitation agent (call collect 212 325-7596 or 800 820-1653). D.F. King & Co., Inc. is the information agent (800 290-6426 or call collect 212 269-5550).

Evergreen is an aviation services company based in McMinnville, Ore.

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