ADVANTICA RESTAURANT GROUP, INC. (DINE)(B3/C) said on Wednesday (Feb. 20) that it had extended its previously announced exchange offer for its existing 11.25% senior notes due 2008 to 5 p.m. ET on Feb. 22, subject to further extension, from the previous Feb. 19 deadline. It said that so far, approximately $64.8 million of the existing notes had been tendered under the exchange offer. AS PREVIOUSLY ANNOUNCED, Advantica, a Spartanburg, S.C.-based restaurant chain operator, said Jan. 3 that it was offering to exchange up to $204.1 million of registered 12.75% senior notes due 2007, to be jointly issued by its DENNY'S HOLDINGS, INC. subsidiary and Advantica, for up to $265 million of the outstanding $529.6 million of existing 11.25% notes. The offer was originally scheduled to expire at 5 p.m. ET on Feb. 1, but the deadline was subsequently extended. Advantica said it would offer $770 principal amount of the new notes per $1,000 principal amount of the old notes, plus accrued and unpaid interest in cash. Completion of the exchange offer would be conditioned on a minimum amount of $160 million of the existing old notes having been validly tendered, up to a maximum tender amount of $265 million. Advantica said that in the event that the existing notes tendered were to exceed the maximum tender amount, the company would allocate the new notes to the tendering noteholders on a pro-rata basis. UBS Warburg LLC is acting as the dealer manager in the exchange offer. MacKenzie Partners, Inc. (800 322-2885). U.S. Bank NA is serving as the exchange agent.

HOLLINGER INTERNATIONAL PUBLISHING, INC.(Ba2/BB) said Feb. 14 that it had begun a cash tender offer for any and all of its outstanding 8 5/8% senior notes due 2005. The company, a wholly owned subsidiary of Chicago-based newspaper publisher HOLLINGER INTERNATIONAL INC. (HLR), said the tender offer will expire at 9 a.m. ET on March 15, subject to possible extension. Hollinger said it would purchase the outstanding notes at a price to be determined three business days prior to the expiration date of the tender offer (the tentative pricing date is March 12), based on a fixed spread of 87.5 basis points over the yield to maturity of the reference security, the 7.50% U.S. Treasury Notes due Feb. 15, 2005, plus accrued and unpaid interest up to but not including the day of payment for the notes. The purchase price includes a $40 per $1,000 principal amount consent payment, to be paid only to holders who validly consent to the proposed indenture amendments eliminating certain restrictive provisions, by tendering their notes by the consent deadline of midnight ET on Feb. 28, subject to possible extension. Tendered notes may not be withdrawn and consents may not be revoked after such time and date except in certain limited circumstances. Payment for validly tendered notes is expected to be made promptly following the expiration of the tender offer. Credit Suisse First Boston Corp. (212 538-8474 or 800 820-1653) is acting as dealer manager in connection with the tender offer and solicitation of consents. The Information Agent is MacKenzie Partners, Inc. (800 322-2885) and the Depositary is U.S. Bank, NA.

COINSTAR INC. (CSTR) said Feb. 14 that it had given notice of its intention to call $15 million of its 13% senior subordinated discount notes to the Bank of New York, the notes' trustee. The planned redemption follows a previously announced redemption of $10 million of the notes, which took place on Jan. 3. The company said the latest redemption would be effective on March 15 and would result in net interest expense savings of approximately $750,000 for the remainder of 2002. It said that owing to its "consistently strong financial results, expanding cash flow, and promising outlook," Coinstar was able to negotiate more flexible terms on its existing credit agreement, enabling the company to use its $15 million term loan to buy back an additional portion of its high yield notes. It called the note buyback an "intermediate step" and added that it continues to seek a larger commercial bank loan that would enable the company to retire the remaining $36 million of high yield notes. AS PREVIOUSLY ANNOUNCED, Coinstar, a Bellevue, Wash.-based owner/operator of supermarket coin-counting machines, said on Dec. 3 that it had instructed the Bank of New York on Nov. 30 to call $10 million of the 13% notes on Dec. 31. As of October 1, the notes were callable at 108% of principal. The company said it believed the transaction would result in net interest expense savings of approximately $1 million annually, beginning in 2002. On Jan. 7, Coinstar said that it had completed the $10 million note call, which actually occurred on Jan.3 (rather than Dec. 31) at an 8% premium (i.e., a price of 108, or $1,080 per $1,000 principal amount). The company said that following the Jan. 3 redemption, $50.98 million of the notes remained outstanding.

FRESENIUS MEDICAL CARE AG (FMS) (Ba1/B+) said Feb. 14 that it had completed the previously announced redemption of its 9% trust preferred securities due 2006. The company said the issue was fully retired, leaving none outstanding. AS PREVIOUSLY ANNOUNCED, Fresenius, a Bad Homburg, Germany-based company which is the world's largest provider of dialysis products and services, said Jan. 16 that it would redeem all of its $360 million of the outstanding 9% securities on Feb. 14 at a price of $1,045 per $1,000 liquidation amount, plus accrued distributions of $18.25 per $1,000, for a total redemption price of $1,063.25 per $1,000. Fresenius said it would fund the redemption from its senior credit facility, and that it expected to achieve interest savings from the redemption. The redemption transaction was handled via State Street Bank and Trust Co., as trustee.

ACTUANT CORP. (ATU) (B3/B) said on Feb. 14 that it had completed a public equity offering on Feb. 13 in which it had sold 3.45 million common shares at $30.50 per share, including 450,000 shares to cover underwriter over-allotments (approximate total gross proceeds were $105.225 million; net of underwriting discounts and expenses, cash proceeds totaled approximately $99 million). The Milwaukee-based diversified industrial company said that it had exercised the 35% equity clawback provision in the indenture of its outstanding $200 million of 13% senior subordinated notes, and will redeem $70 million of the bonds on March 15, at a price of 113% ($1,130 per $1,000 principal amount), plus accrued interest, at a total expenditure of approximately $83 million (the redemption will leave $130 million of the notes remaining outstanding). The remaining $16 million of the equity offering proceeds will be used to retire a portion of the company's term debt under its senior credit facility. The company will take a pre-tax extraordinary charge of $12 million related to the bond redemption and the term debt paydown.

ANCHOR GAMING (Ba3/BB) said Feb. 14 that it had completed its change of control offer to purchase all of its outstanding 9 7/8% senior subordinated notes due 2008 at a price of 101% of the principal amount ($1,010 per $1,000 principal amount) plus accrued and unpaid interest up to the expiration of the order.

Las Vegas-based Anchor, a maker of slot machines and other forms of gaming technology, began the change-of-control offer on Jan. 7, following the completion of its acquisition by Reno, Nev.-based rival gaming systems maker INTERNATIONAL GAME TECHNOLOGY (IGT) (Ba1/BBB-) on Dec. 30, 2001. No public announcement of the change-of-control offer was made at the time the offer began. Anchor said that as of the offer's expiration at 5 p.m. ET on Feb. 6, none of the notes had been tendered to the company under the offer, and no payments were made on the Feb. 11 payment date.

© 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.