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ACE Cash extends $175 million 10¼% notes consent deadline to Jan. 26
By Melissa Kory
Cleveland, Jan. 26 - ACE Cash Express, Inc. said it extended the consent deadline in its cash tender offer for its $175 million of outstanding 10¼% senior notes due Oct. 1, 2014 to 5 p.m. ET on Jan. 26 from 5 p.m. ET on Jan. 25.
As of the 5 p.m. ET on Jan. 25, about $57.9 million of the notes had been validly tendered, representing 33% of the outstanding principal amount of the notes.
The company is soliciting consents to authorize the elimination of most of the restrictive covenants and certain of the events of default contained in the indenture.
The offer began on Jan. 10 and will expire at midnight ET on Feb. 7. The consent deadline was originally 5 p.m. ET on Jan. 24. It was extended to Jan. 25 that same day.
Holders may not tender without delivering consents and vice versa.
ACE said that it plans to use the proceeds from a proposed $350 million debt financing, together with available cash, to fund the tender offer.
For each $1,000 principal amount of notes tendered prior to the consent deadline, the company will pay $1,000, which includes a payment of $50.00, plus accrued interest.
All holders that tender after the consent deadline but at or prior to midnight ET on Feb. 7 will receive only the tender offer consideration of $950 per $1,000 principal amount of notes.
The offer and solicitation are conditioned on the closing of the debt financing as well as the receipt of the needed consents to amend the note indenture.
The depositary and information agent is D.F. King & Co., Inc. (800 967-4607). The dealer manager is Credit Suisse Securities (USA) LLC (800 820-1653 or call collect 212 325-5912).
ACE Cash is an Irving, Texas-based provider of retail check-cashing services.
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