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Cardtronics consent solicitation for 8¼% notes due 2018 comes up short
By Toni Weeks
San Luis Obispo, Calif., July 28 – Cardtronics, Inc. said it received tenders and consents for about $64 million, or 35.67%, of its $179,442,000 principal amount of outstanding 8¼% senior subordinated notes due 2018 by the 5 p.m. ET on July 25 consent expiration for the notes.
That amount is not enough to amend the indenture governing the notes. The company said previously it needed consents from holders of a majority of the outstanding notes to effect an amendment to the notes indenture and considered this as one of the requirements for the completion of the tender offer, but it has now lifted this requirement, according to a press release.
The tender offer will continue until 11:59 p.m. ET on Aug. 8.
The total purchase price is $1,046.25 for each $1,000 principal amount of notes tendered by the July 25 consent deadline.
The total amount includes a consent payment of $30.00 per $1,000 principal amount.
Holders who tender their notes after the consent date will receive base payment of $1,016.25 for each $1,000 principal amount.
The company also will pay accrued interest to but excluding the settlement date, which is July 28 for early tendered notes and Aug. 11 for the remaining tenders.
Tendered notes may no longer be withdrawn.
The tender offer is also conditioned on the completion of a capital markets debt financing. Cardtronics plans to settle a $250 million offering of eight-year senior notes on Monday, the release said.
D.F. King & Co., Inc. (800 829-6551 or banks and brokers call 212 269-5550 collect, or e-mail cardtronics@dfking.com) is the depositary and information agent.
BofA Merrill Lynch (888 292-0070 or 980 388-3646 collect) is the exclusive dealer manager and solicitation agent.
The issuer is a Houston-based global ATM owner and operator.
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