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Interpool buys back more than 99% of 6% notes in tender offer
By Angela McDaniels
Seattle, July 19 - Interpool, Inc. said it successfully completed the tender offer and consent solicitation for its $230 million of 6% senior notes due 2014 and accepted all tendered notes for payment.
The offer ended at 8 a.m. ET on Thursday.
On July 3, the company announced that holders of $229 million, or more than 99%, of the notes had tendered and delivered consents.
Noteholders will receive $1,027.50 per $1,000 principal amount of tendered notes plus accrued interest up to the payment date, which Interpool expected to be Thursday.
The payout includes a consent fee of $0.50 per $1,000 principal amount of notes tendered by the consent deadline, which was pushed back to 5 p.m. ET on July 3 from June 29 and, previously, from June 26.
When the tender offer was announced on June 13, Interpool planned to pay $1,015.00 per $1,000 principal amount of notes, which included a $20.00 consent fee. The revised tender consideration was announced on June 29.
The consents will allow the company to amend the note indenture to eliminate restrictive covenants, events of default and selected other provisions.
The tender offer was subject to the receipt of consents from holders of a majority of the notes, sufficient financing and the consummation of the merger of Interpool and Chariot Acquisition Sub, Inc., an indirect wholly owned subsidiary of funds managed by affiliates of Fortress Investment Group LLC.
The tender was not a condition of the merger, which was approved by Interpool's stockholders at a special meeting on Wednesday and closed on Thursday.
The dealer manager was Bear, Stearns & Co. Inc. (877 696-BEAR or call collect 212 272-5112), and the information agent was D.F. King & Co., Inc. (800 628-8208 or call collect 212 269-5550).
Interpool is a Princeton, N.J.-based supplier of equipment and services to the transportation industry.
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