StandardAero gets early tenders for 81.7% of 11¼% notes due 2015

By Jennifer Chiou

New York, Feb. 4 - StandardAero announced that indirect parent DAE Aviation Holdings Inc. obtained tenders for $245,093,000, or 81.7%, of its outstanding 11¼% senior notes due 2015 at the early deadline in the offer for any and all of the $300 million of notes.

As previously reported, the company is soliciting consents for amendments that would eliminate substantially all of the restrictive covenants and some default provisions contained in the indenture governing the notes.

The consent payment deadline was 5 p.m. ET on Feb. 3.

For each $1,000 principal amount, the company is offering $1,007.50, including a $30.00 consent payment for those who tendered by the early deadline. The initial settlement date is slated for Feb. 5.

The company will also pay accrued interest to the payment date.

The offer will expire at 11:59 p.m. ET on Feb. 18. It began on Jan. 21.

The offer is conditioned on, among other things, financing.

Participating holders may not deliver consents without tendering their notes.

Barclays is the dealer manager and solicitation agent (800 438-3242 or call collect 212 528-7581). D.F. King & Co., Inc. is the tender agent and information agent (800 431-9643 or, for banks and brokers, 212 269-5550).

StandardAero is a Tempe, Ariz.-based company that specializes in engine maintenance, repair, overhaul and nose-to-tail services for business and general aviation, air transport and military aircraft.

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