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Lansing Trade Group launches cash tender offer for 9¼% notes due 2019
By Wendy Van Sickle
Columbus, Ohio, Aug. 16 – Lansing Trade Group, LLC commenced a cash tender offer to purchase any and all of its $144.4 million of outstanding 9¼% senior notes due 2019.
In connection with the tender offer, Lansing Trade is also soliciting holders’ consents to amend the note indenture, according to a news release.
Under the tender offer, the company is offering a total consideration of $950 per $1,000 principal amount to holders who tender their notes by the early deadline of 5 p.m. ET on Aug. 29.
Those who tender after the early deadline will receive the total consideration less a $30 early tender premium for a total of $920 per $1,000 principal amount.
The company will also pay accrued interest to but excluding the applicable settlement date.
Tendered notes may be withdrawn until 5 p.m. ET on Aug. 29.
The tender offer will expire at 12:01 a.m. ET time on Sept. 14.
The company is soliciting holders’ consents to proposed amendments to the note indenture that would eliminate substantially all of the restrictive covenants and some events of default provisions.
Any holder who tenders notes pursuant to the tender offer must also deliver a consent to the proposed amendments and to the execution and delivery of a supplement to the indenture governing the notes.
Delivery of consents by the holders of at least a majority of the principal amount of the outstanding notes, excluding notes owned by the company or its affiliates, is required for the adoption of the proposed amendments.
The tender offer is subject to certain conditions, according to the news release, although it did not specify those conditions.
Global Bondholder Services Corp. (212 430-3774 or 866 470-3700) is the information agent and tender agent. BofA Merrill Lynch (888 292-0070 or 980 388-3846) will act as dealer manager for the tender offer and solicitation agent for the consent solicitation.
Lansing Trade is an independent commodity merchandising and handling company based in Overland Park, Kan.
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