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Extendicare completes tender, no further notes tendered, to call remainder
New York, May 3 - Extendicare Health Services Inc. said it completed its cash tender offer for any and all of its $200 million 9.35% senior subordinated notes due 2007.
The company said no further notes were tendered after the consent date.
Extendicare will redeem the remaining notes on May 24 at a price of $1,031.17 per $1,000 principal amount plus accrued interest.
Extendicare said on April 15 it had received the necessary consents to amend the indenture for its 9.35% notes.
The amendment eliminates substantially all the restrictive covenants and the related events of default other than the covenants to pay principal and interest.
The company said it executed a supplemental indenture.
By the consent date, Extendicare had received consents from holders of 61% of the notes not owned by the company or its affiliates.
Extendicare said on April 5 that it had begun a cash tender offer for any and all of its 9.35% notes.
It said holders who tender must give consent, but the tender is not conditional on receiving the consents needed to amend the indenture.
Holders who tendered by the consent date of 5 p.m. ET on April 14 will receive $1,035 per $1,000 principal amount of notes plus accrued interest up to but not including the settlement date.
Holders who tender after the consent date but before the expiration of midnight ET on April 30 will receive $1,005 per $1,000 principal amount plus accrued interest up to but not including the settlement date.
Extendicare Health Services is a Milwaukee subsidiary of Extendicare Inc., which operates long-term care facilities.
Lehman Brothers Inc. is dealer manager and solicitation agent (contact Liability Management Group at 800 438-3242 or collect at 212 528-7581), and D.F. King & Co. Inc. is information agent and tender agent (888 567-1626 or collect at 212 269-5550).
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