Populus tenders, solicits consents for 12% senior notes due 2022

By Wendy Van Sickle

Columbus, Ohio, Nov. 17 – Populus Financial Group Inc. announced a cash tender offer for any and all of its $255,085,000 of outstanding 12% senior secured notes due 2022 (Cusip: 004403AG6), according to a company news release.

The purchase price per $1,000 principal amount is $800 plus a $50 early tender premium.

The early tender deadline is 5 p.m. ET on Dec. 1.

In conjunction with the tender offer, the company is soliciting noteholder consents to eliminate substantially all of the restrictive covenants and certain of the default provisions and to release all of the collateral securing the notes.

The company must receive consents representing at least a majority of the outstanding principal amount of the notes to adopt the proposed amendments and 66 2/3% of the outstanding principal amount notes to complete the proposed collateral release.

The tender expires 11:59 p.m. ET on Dec. 15.

Payments for tendered notes will include accrued and unpaid interest from June 16 through, but excluding, Dec. 17, the settlement date.

D.F. King & Co. Inc. (866 416-0577, 212 269-5550 or populus@dfking.com) is the tender agent and information agent.

The financial services company is based in Dallas. It was formerly known as ACE Cash Express, Inc.

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