Conduent gets no more tenders for 10½% notes since early deadline

By Susanna Moon

Chicago, July 27 – Conduent Inc. said it accepted tenders for $475,883,000, or 93.31%, of its $510 million of 10½% senior notes due 2024 on July 12.

No additional notes were tendered in the offer that ended at midnight ET on July 26, according to an 8-K filing with the Securities and Exchange Commission.

The notes were tendered as of the early deadline at 5 p.m. ET on July 12.

As announced June 29, the total purchase price was $1,200 for each $1,000 principal amount of notes tendered by the early deadline, which included an early tender premium of $50.00 per $1,000 of notes.

The company said on July 13 that it had entered into a supplemental indenture to the notes as a result securing the needed majority of consents by the early deadline.

The company was tendering for the notes along with its Conduent Finance, Inc. and Conduent Business Services, LLC subsidiaries.

The issuers also were soliciting consents to amend the indenture to eliminate or modify substantially all the restrictive covenants as well as some events of default and other provisions.

Holders also will receive accrued interest up to but excluding the payment date.

Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) is the dealer manager. Global Bondholder Services Corp. (866 470-4200) is the information agent and tender agent.

Conduent is a Florham Park, N.J.-based provider of digital platforms and services for businesses and governments.

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