Evergreen International accepts tenders for 97.99% of 12% notes

By Laura Lutz

Des Moines, Nov. 2 - Evergreen International Aviation, Inc. settled its tender offer and consent solicitation for its outstanding 12% senior second secured notes due 2010, purchasing 97.99%, or about $122.488 million, of the notes.

The tender offer closed at 5 p.m. ET on Oct. 31. The offer, originally set to expire Aug. 21, had earlier been extended to Sept. 5, Sept. 25, Oct. 6, Oct. 16 and Oct. 24.

At the same time, Evergreen entered into a new senior secured credit facility, a portion of the proceeds of which was used to purchase the notes.

There was $125 million principal amount of the notes outstanding when the offer was announced on July 20.

Holders of 97.94% of the notes had submitted tenders and consents by Oct. 24, unchanged from Aug. 9.

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

The payout included a $30.00 consent payment for holders who tendered before the consent deadline.

By the Aug. 8 consent deadline, Evergreen received the necessary consents to eliminate most of the restrictive covenants and modify some other provisions in the note indenture.

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

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.