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Mercer tenders, seeks consents for $334.36 million 9½% notes due 2017
By Susanna Moon
Chicago, Nov. 12 – Mercer International Inc. said it began a cash tender offer for its $334,361,000 of outstanding 9½% senior notes due 2017.
The company is also soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants, events of default and related provisions, according to a company press release.
The total purchase price will be $1,053 for each $1,000 principal amount of notes tendered by 5 p.m. ET on Nov. 25, the consent date.
The total payment per $1,000 of notes consists of the base amount of $1,023 and a $30 consent payment.
Those who tender after the consent date will receive the base payment of $1,023 per $1,000 of notes.
The tender offer will end at 11:59 p.m. ET on Dec. 10. Tendered notes may be withdrawn until the consent deadline.
Holders may not tender their notes without delivering their consents or deliver their consents without tendering their notes.
The proposed amendments require the approval of a majority of the outstanding notes and, if they are approved, will become operative on the settlement date, which is expected to be Nov. 26 for early tendered notes and Dec. 11 for notes tendered after the early deadline.
The company also will pay accrued interest up to but excluding the settlement date.
Credit Suisse Securities (USA) LLC (attn: liability management group, 212 538-2147 or 800 820-1653) is the dealer manager and solicitation agent. D.F. King & Co., Inc. (877 361-7968 or 212 269-5550) is the information agent and tender agent.
Mercer is a pulp manufacturing company based in Vancouver, B.C., with U.S. headquarters in Seattle.
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