West Corp. gets needed consents to amend 8 5/8% senior notes due 2018

By Susanna Moon

Chicago, July 3 – West Corp. executed a supplemental indenture Tuesday to amend its $500 million principal amount of 8 5/8% senior notes due 2018, according to an 8-K filing with the Securities and Exchange Commission.

The company secured the needed consents to amend the notes to eliminate substantially all of the restrictive covenants and some events of default.

The early tender deadline was 5 p.m. ET on June 30.

West began a tender offer on June 17 for the 8 5/8% notes and up to $200 million principal amount of its 7 7/8% senior notes due 2019.

The tender offers will continue until midnight ET on July 15.

For the 8 5/8% notes, the total purchase price is $1,063.09 per $1,000 principal amount of notes tendered by 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 is $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 Corp. priced $1 billion of eight-year senior notes at par to yield 5 3/8% on June 18, as previously reported by Prospect News.

The company planned to use the proceeds of the notes issue to fund the tender offer and to repay a portion of its senior secured term loan facility due 2018.

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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