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Sotheby's takes in tenders for 37.64% of 7.75% notes in Dutch auction
By Jennifer Chiou
New York, Dec. 21 - Sotheby's announced that it will accept the tenders it received for $48,279,000, or 37.64%, of its $128.25 million of 7.75% senior notes due 2015.
Holders had tendered $47,744,000 of the notes by 5 p.m. ET on Dec. 6, the early tender date of the modified Dutch auction offer for up to $50 million of the 7.75% securities.
The tender offer began on Nov. 22 and expired at 11:59 p.m. ET on Dec. 20.
Holders who tendered their notes on or before the early tender date will receive the $1,100 total consideration, which is equal to the clearing price and includes a $30 early tender payment per $1,000 principal amount of notes.
Holders who tendered their notes after the early tender date and before the expiration date will receive the tender offer consideration, which is the total consideration less the early tender payment.
For each $1,000 of notes, the acceptable bid range was $1,050 to $1,100. Bids had to be made in increments of $2.50.
As previously reported, only tenders of notes for which a price was specified within the acceptable bid range were to be accepted for purchase and used for the purpose of determining the clearing price.
Holders who did not specify a price were deemed to have specified a price equal to the minimum bid price.
Sotheby's will accept tendered notes in the order of the lowest to the highest bid prices. Settlement was anticipated for Tuesday.
Sotheby's will also pay accrued interest.
Goldman Sachs & Co. (800 828-3182 or 212 357-4692) was dealer manager of the tender offer, and Global Bondholder Services Corp. (866 937-2200 or 212 430-3774) was the depositary and information agent.
Sotheby's is a New York-based art auction, private sales and art-related finance company with principal salesrooms in New York, London, Hong Kong and Paris.
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