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Huntington Ingalls begins tender offer for 6 7/8% senior notes due 2018
By Susanna Moon
Chicago, Nov. 17 – Huntington Ingalls Industries, Inc. said it began a cash tender offer for its outstanding 6 7/8% senior notes due 2018.
The company also is soliciting consents to eliminate or modify most of the covenants, events of default and other provisions contained in the notes indenture, according to a company press release.
The total purchase price will be $1,052.16 for each $1,000 principal amount, including a consent payment of $30.00, of notes tendered by 5 p.m. ET on Dec. 1, the consent date.
Those who tender their notes after the consent deadline will receive $1,022.16 per $1,000 of notes.
Holders will also receive accrued interest up to but excluding the settlement date, which will be Dec. 2 for early tendered notes and Dec. 16 for remaining tenders.
The tender offer will end at 11:59 p.m. ET on Dec. 15.
Tendered notes may be withdrawn by the consent deadline.
D.F. King & Co., Inc. (866 620-2538, 212 269-5550 for banks and brokers or email hii@dfking.com) is the information agent. Credit Suisse Securities (USA) LLC (attn: liability management group, at 212 538-2147 or at 800 820-1653) is the dealer manager and solicitation agent.
The company said it plans to call any notes not tendered in the offer.
The tender offer and consent solicitation are conditioned on completion of a debt financing with enough proceeds, along with cash on hand, to fund the offer.
The company planned to price $600 million of seven-year senior notes on Nov. 17, as reported by Prospect News, with proceeds to be used to refinance its senior notes due 2018.
Huntington Ingalls Industries designs, builds and manages the life-cycle of nuclear and conventionally powered ships for the U.S. Navy and the U.S. Coast Guard.
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