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

By Rebecca Melvin

New York, July 15 –Populus Financial Group Inc. announced a cash tender offer for any and all of its $315 million of outstanding 12% senior secured notes due 2022, according to a company release.

The purchase price per $1,000 principal amount is $950 plus a $50 early tender premium.

The early tender deadline is 5 p.m. ET on July 26.

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 Aug. 9.

Payments for tendered notes will include accrued and unpaid interest from June 16 through to, but excluding, Aug. 13, the settlement date.

D.F. King & Co. Inc. (800 864 1460, 212 269 5550 or ace@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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