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Focus Brands, Jamba Juice seek consents to extend class A-2-I notes
Chicago, Feb. 16 – Focus Brands Inc. and Jamba Juice Funding LLC, as co-issuers, are soliciting consents to amend the series 2017-1 class A-2-I 3.857% fixed-rate senior notes (Cusips: 34417MAA5, U31480AA1) to extend the anticipated repayment date of the notes (BBB/BBB), according to a consent solicitation document.
There are currently $192.5 million of the notes outstanding that have an anticipated repayment date of April 2021. The legal final maturity of the notes is April 2047.
Consenting noteholders would extend the anticipated repayment date on their notes to April 2024.
A second tranche of notes would be created from the notes of consenting noteholders with a different Cusip (Cusips: 34417RAA4, U3152CAA8).
The series 2017-1 class A-2-I-B notes, the new tranche, would have an anticipated repayment date of April 2024 and the same legal final maturity date.
The make-whole redemption would be shifted to January 2023 for the new class of notes. Consenting noteholders would waive their rights to an optional prepayment on or around March 23, 2021.
There is a minimum consent condition in that noteholders representing at least $96.25 million of the notes must consent.
A consent fee of $7.50 per $1,000 of notes will be paid to noteholders who deliver consents by the early consent time of 5 p.m. ET on March 1, also the revocation deadline. No consent fee will be paid to noteholders who consent beyond the early deadline.
Early settlement is scheduled for March 4.
The offer expires at 5 p.m. ET on March 16.
Final settlement will take place on March 18.
Barclays (212 412-5780) is the solicitation agent.
D.F. King & Co., Inc. (212 269-5550, 866 207-3626, focus@dfking.com) is the information and tabulation agent.
Focus Brands is an Atlanta-based franchisor and operator of quick service and fast casual restaurants.
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