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Barminco begins cash tender offer for $65 million of 9% notes due 2018
By Marisa Wong
Madison, Wis., Dec. 2 – Barminco Finance Pty Ltd. has begun a cash tender offer to purchase up to $65 million of its $485 million outstanding 9% senior notes due 2018, according to a notice.
The offer began on Monday and will expire at midnight ET on Dec. 29.
Pricing will be determined through a modified Dutch auction process and will be announced on Dec. 15.
Holders who wish to tender their notes must specify a price between $845 and $895 per $1,000 principal amount. The company will select the single lowest price per $1,000 principal amount that will allow it to purchase the notes for up to the purchase price of $65 million.
The company will pay the same tender offer consideration for all notes accepted for purchase that were tendered at or below the clearing price. The notes may be subject to proration.
Holders who tender their notes by midnight ET on Dec. 12, the early tender time, will be eligible to receive the total consideration, which is the tender offer consideration plus a $30 premium per $1,000 of notes.
The company will also pay accrued interest to the settlement date, which is expected to be Dec. 30.
Tenders may be withdrawn prior to the early tender time.
The tender offer is not conditioned on financing or a minimum amount of notes being tendered.
J.P. Morgan Securities LLC (866 834-4666 or 212 834-4811; attn.: liability management group) is the dealer manager for the offer. D.F. King & Co., Inc. (212 269-5550 for banks and brokers or 866 796-3419 for all others) is the tender agent.
Barminco is a Hazelmere, Western Australia-based hard rock underground mining company.
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