E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 11/27/2017 in the Prospect News High Yield Daily and Prospect News Liability Management Daily.

Cleaver-Brooks tenders, solicits consents for 8¾% notes, 9¾% notes

By Susanna Moon

Chicago, Nov. 27 – Cleaver-Brooks, Inc. is holding a tender offer and consent solicitation for its outstanding 8¾% senior secured notes due 2019 and its outstanding 9¾% senior secured notes due 2019 until 11:59 p.m. ET on Dec. 22.

Specifically, Cleaver-Brooks is soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants and some events of default, to shorten the minimum redemption notice to three business days from 30 days and to release the liens on the assets securing the notes, according to a company announcement.

Holders who tender their notes will be required to consent to the proposed amendments, and those who consent to the proposed amendments will be required to tender their notes.

The total purchase price will include a consent payment for notes tendered before the consent deadline of 5 p.m. ET on Dec. 8.

The issuer also will pay accrued interest up to but excluding the payment date.

Pricing details were not included in the press release.

RBC Capital Markets, LLC (212 618‐7843 or 877 381‐2099) is the dealer manager and solicitation agent. Global Bondholder Services (212 430-3774 or 866 470-4300) is the depositary and information agent.

Cleaver-Brooks is a Milwaukee-based manufacturer of packaged and engineered boilers.


© 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.