| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers A > Headlines for ACE Cash Express Inc. > News item |
Populus extends withdrawal deadline for 12% notes, adds premium
By Angela McDaniels
Tacoma, Wash., July 18 – Populus Financial Group Inc. amended the tender offer and consent solicitation for any and all of its $315 million 12% senior secured notes due 2022, according to a company news release.
The company extended the withdrawal deadline to 5 p.m. ET on July 31 and the withdrawal rights reinstatement date to Nov. 4 from Oct. 31.
The withdrawal rights reinstatement date is the date after which, if the expiration time is extended beyond such date, holders who have previously tendered notes and delivered consents will be allowed to withdraw their previously tendered notes and revoke their consents.
In addition, any holder whose notes are tendered with consents prior to the withdrawal deadline will receive the $1,000 total consideration and will be eligible to receive an extended term premium of $10 per $1,000 principal amount of notes if the expiration time is extended to a date later than Oct. 4.
The total consideration equals $950 plus a $50 early tender premium for each $1,000 principal amount of notes tendered by the early tender deadline, 5 p.m. ET on July 26.
Holders will also receive accrued interest up to but excluding the settlement date, which is expected to be Aug. 13.
The tender offer expires 11:59 p.m. ET on Aug. 9.
The company is soliciting noteholder consents to eliminate substantially all of the restrictive covenants and some 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.
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.
© 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.