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Neff gets required consents, extends tenders for 11¼%, 13% notes
By Jennifer Chiou
New York, May 17 - Neff Rental LLC and Neff Finance Corp. announced that they received tenders and consents from holders of all of their $245 million of 11¼% second priority senior secured notes due 2012 and $80 million of 13% senior subordinated notes due 2013 at the early deadline of 5 p.m. ET on May 17.
In addition the tender was extended and will now end at 5 p.m. ET on June 6, pushed back from midnight ET on June 1.
Pricing will be set at 2 p.m. ET on May 23. In each case, pricing will be set using a spread of 50 basis points over a reference Treasury security.
For the 11¼% notes, the payment per $1,000 principal amount will be based on 50 bps over the 4 7/8% U.S. Treasury note due May 15, 2009 while for the 13% notes the payment per $1,000 principal amount will be based on 50 bps over the 3 5/8% U.S. Treasury note due June 30, 2007.
The total includes a consent payment of $30.00 per $1,000 that will only be paid to holders who tendered by the consent deadline.
In addition to the tender, Neff was soliciting consents to amend the note indentures to eliminate substantially all of the restrictive covenants. The company received the necessary consents to amend the indentures.
Holders may not tender without delivering consents or vice versa.
The offer is subject to conditions, including the company receiving tenders for at least 66 2/3% of the 11¼% notes and a majority of the 13% notes, completion of the acquisition of Neff by LYN Acquisition Corp., an affiliate of Lightyear Capital LLC and the acquirer raising $732.5 million of debt financing.
Banc of America Securities LLC is the dealer manager and solicitation agent (contact High Yield Special Products at 704 388-9217 (collect) or 888 292-0070.
D.F. King & Co., Inc. is the information agent (call collect 212 269-5550 or 800 628-8536).
Neff is a Miami-based construction equipment rental company.
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