Innovation Ventures tenders for $351.45 million of 9½% notes due 2019

By Wendy Van Sickle

Columbus, Ohio, Aug. 4 – Innovation Ventures, LLC began a cash tender offer for any and all of its $351.45 million of 9½% senior secured notes due 2019, according to a press release.

The company is offering a total consideration of $1,052.50 per $1,000 principal amount to holders who tender their notes by the early deadline of 5 p.m. ET on Aug. 17.

Holders who tender after that deadline will receive the total consideration less a $15 early tender premium, amounting to $1,037.50 per $1,000 principal.

The company will also pay accrued interest through the settlement date.

Tendered notes may be withdrawn through 5 p.m. ET on Aug. 17.

The offer expires at 11:59 ET on Aug. 31.

In conjunction with the tender offer the company is also soliciting consents from noteholders to certain amendments to the note indenture that would eliminate most of the covenants and certain default provisions applicable to the notes.

The consummation of the Tender Offer is conditioned upon, among other things, the company's consummation of a financing transaction and its receipt of at least $900 million from such transaction, on or prior to settlement.

BofA Merrill Lynch (888 292-0070 or 980 388-3646) is acting as dealer manager for the tender offer and as solicitation agent for the consent solicitation.

Farmington Hills, Mich.-based Innovation Ventures is the producer of 5-hour Energy, a liquid energy shot.

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