| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers A > Headlines for AMI Semiconductor Inc. > News item |
AMI Semiconductor ups pricing in tender for 10¾% notes, extends deadlines
New York, March 17 - AMI Semiconductor, Inc. said it has increased pricing in its cash tender offer for all its 10¾% senior subordinated notes due 2013 and extended the deadlines.
The Pocatello, Idaho, chipmaker is now offering $1,214.45 per $1,000 principal amount for notes tendered by the consent deadline, which is now 5 p.m. ET on March 23, and $1,184.45 per $1,000 principal amount for notes tendered after the consent deadline but before the expiration date, which is now 11:59 p.m. ET on April 6.
The consent deadline was previously 5 p.m. ET on March 17 and the expiration 11:59 p.m. ET on March 31.
AMI said it set the new pricing using a spread of 50 basis points over the reference security. Previously it was using a spread of 100 basis points.
The formula is the present value of the $1,053.75 redemption price on the first call date of Feb. 1, 2008 plus the interest that would be paid from the date of payment up to and including the first call date, discounted using the sum of the yield of a 3 3/8% U.S. Treasury note due Feb. 15, 2008 plus the spread, originally 100 basis points, now 50 basis points. Of the total, $30 is the consent payment.
As part of the tender, AMI is also soliciting consent to amend the note indenture to eliminate substantially all of the restrictive covenants and certain events of default.
AMI will also pay accrued interest up to but excluding the date of payment.
The offer is subject to conditions including completion of a new senior secured credit facility, which will be used together with existing cash to fund the tender.
The tender is also subject to a majority of the notes being submitted with consents.
Credit Suisse First Boston LLC is dealer manager and solicitation agent (800 820-1653 or 212 325-3784). MacKenzie Partners, Inc. is the information agent (800 322-2885).
© 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.