West Corp. tenders for 8 5/8% notes, up to $200 million 7 7/8% notes

By Susanna Moon

Chicago, June 17 – West Corp. said it began tender offers for its outstanding $500 million principal amount of 8 5/8% senior notes due 2018 and for up to $200 million principal amount of its 7 7/8% senior notes due 2019.

The company is also soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants and some events of default, according to a company press release.

The tender offers will end at midnight ET on July 15.

For the 8 5/8% notes, the total purchase price will be $1,063.09 per $1,000 principal amount of notes tendered by 5 p.m. ET on June 30, the early tender date.

The total amount for each $1,000 of 8 5/8% notes consists of the tender offer payment of $1,043.09 plus the early tender payment of $20.00.

For the 7 7/8% notes, the total purchase price will be $1,066.29 per $1,000 principal amount of notes tendered by the early tender deadline.

The total amount for each $1,000 of 7 7/8% notes consists of the tender offer payment of $1,046.29 plus the early tender payment of $20.00.

The company also will pay accrued interest to but excluding the settlement date.

The tender offers are conditioned on the completion of an offering of new senior notes resulting in proceeds of at least $1 billion.

West planned to participate in an investor call scheduled for 11:30 a.m. ET on June 17 to discuss its $1 billion offering of eight-year senior notes, as reported by Prospect News.

Deutsche Bank Securities Inc. (212 250-6429 collect) and Wells Fargo Securities, LLC (866 309-6316 or 704 410-4760 collect) are the dealer managers. D.F. King & Co., Inc. (888 887-1266 or 212 269-5550 collect) is the information agent.

The company is an Omaha-based technology-driven communication services provider.

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