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Bankrate solicits consents to amend 6 1/8% senior notes due 2018
By Jennifer Chiou
New York, Nov. 6 – Bankrate, Inc. announced the start of a consent solicitation for its 6 1/8% senior notes due 2018. Holders must be of record as of the close of business on Nov. 5.
According to a news release, the company is conducting the consent solicitation to amend the indenture to modify deadlines by which the delivery of financial information is required.
The solicitation is scheduled to expire at 5 p.m. ET on Nov. 14.
The company is offering an initial consent payment of $1.25 per $1,000 principal amount of notes. An additional $1.25 per $1,000 principal amount of notes will be paid on or before April 1, unless the company’s 2014 annual report and the 2014 Q3 report have been delivered to the trustee on or before March 31.
Holders must submit consents prior to the deadline in order to receive the consent payments.
Bankrate is seeking consents to allow for financial information relating to the fiscal quarter ended Sept. 30 to be submitted on or by March 31.
If the second consent payment is made, the delivery to the indenture trustee of financial information relating to the fiscal year ending Dec. 31 and the delivery of the 2014 Q3 report is not required until May 15.
Among other things, holders are also being asked to release and waive any default or non-compliance by the company, the guarantors and their subsidiaries arising from the failure to timely deliver the reports.
The company is seeking consents from holders of at least a majority of the notes.
RBC Capital Markets, LLC is the solicitation agent (877 381-2099 or call collect 212 618-7822). D.F. King & Co., Inc. is the information agent and tabulation agent (212 269-5550 for banks and brokers or 877 864-5055).
North Palm Beach, Fla.-based Bankrate is a publisher and distributor of personal finance content on the internet.
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