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Bankrate gets enough consents to amend 6 1/8% senior notes due 2018
By Toni Weeks
San Luis Obispo, Calif., Nov. 14 – Bankrate, Inc. announced it received consents representing more than a majority of the aggregate principal amount of its 6 1/8% senior notes due 2018 by the expiration of the consent solicitation for those notes, which occurred at 5 p.m. ET on Nov. 14. Holders needed to be of record as of the close of business on Nov. 5 to participate.
As previously reported, the company wanted to amend the note indenture to modify deadlines by which the delivery of financial information was required.
As a result of obtaining the needed consents, the company will pay an initial consent payment of $1.25 per $1,000 principal amount of notes to holders who delivered consents by the expiration date. 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.
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 were 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.
According to a news release, the company executed a supplemental indenture to the indenture governing the notes incorporating the proposed amendments. The amendments will not become operative, however, until the company makes the initial consent payment.
RBC Capital Markets, LLC was the solicitation agent (877 381-2099 or call collect 212 618-7822). D.F. King & Co., Inc. was 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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