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Ceridian, Comdata report early results of 11¼%, toggle notes tender
By Jennifer Chiou
New York, June 5 – Ceridian LLC and Comdata Inc. announced the results to date of Comdata’s offer to purchase any and all of Ceridian’s 11¼% senior notes due 2015 and 12¼/13% senior toggle notes due 2015.
As of 5 p.m. ET on June 4, the early tender deadline, holders of $394.7 million of the 11¼% notes and $59.1 million of the toggle notes tendered their securities.
With that, the company also received the needed consents to approve the proposed amendments to the note indenture.
Ceridian and the note trustee are expected to enter into a supplemental indenture that will, once operative, eliminate substantially all of the restrictive covenants, according to a news release.
For each $1,000 principal amount, holders will receive the total consideration of $1,007, including an early tender payment of $20 for those who tendered prior to the early tender deadline.
The company will also pay accrued interest.
The tender offer will end at midnight ET on June 18.
The offer and solicitation began on May 21.
The dealer manager and solicitation agent is Deutsche Bank Securities Inc. (855 287-1922 or call collect 212 250-7527). The tender agent is D.F. King & Co., Inc. (212 269-5550 or 800 967-5079; Ceridian@dfking.com).
Ceridian is a Minneapolis-based provider of human resources software and services.
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