Netherlands’ CEVA extends consent date until Wednesday in exchange

By Susanna Moon

Chicago, March 22 – CEVA Group plc extended the consent deadline by one day in the private exchange offer for its $390 million principal amount of outstanding 4% first-lien senior secured notes due 2018.

Investors had tendered about $346.1 million principal amount, or 88.8%, of the 4% notes as of 5 p.m. ET on March 21, the previous consent date.

As announced March 9, the company is offering in exchange new 9% first-lien senior secured notes due 2020, with the interest to be paid at a rate of 6% in cash and 3% in kind.

The total exchange value will be $1,025 of new notes for each $1,000 principal amount of notes tendered by 5 p.m. ET on March 22, the revised consent date.

Holders who tender after the consent deadline will receive a par amount of new notes for each $1,000 principal amount.

The exchange offer will continue until 11:59 p.m. ET on April 4.

Tendered notes may not be withdrawn after the consent date.

The company also will pay accrued interest to but excluding the closing date of the exchange in cash.

The exchange is contingent on holders tendering at least $370.5 million principal amount, or 95%, of the notes in the offer.

CEVA is also soliciting consents from holders of at least a majority of the notes to amend the notes to eliminate substantially all of the restrictive covenants and to release the collateral securing the notes.

Also, on March 8, CEVA and a significant holder entered into an agreement in which that holder agreed to privately exchange about $15.2 million principal amount of CEVA’s outstanding 12¾% senior notes due 2020 for a like principal amount of new notes concurrently with, and conditioned upon, the exchange.

The exchange is being made to holders who are qualified institutional buyers under Rule 144A and Regulation D and those who are not U.S. persons under Regulation S.

D.F. King & Co., Inc. (800 628-8532, 212 269-5550, ceva@dfking.com or dfking.com/ceva) is the information and exchange agent.

CEVA is a non-asset based supply chain management company based in Hoofddorp, the Netherlands.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.