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Populus cancels tender offer, consent solicitation for 12% notes
By Angela McDaniels
Tacoma, Wash., Sept. 27 – Populus Financial Group Inc. terminated the tender offer and consent solicitation for its $315 million 12% senior secured notes due 2022, according to a company news release.
No reason for the termination was given in the news release.
The tender offer began July 15 and was scheduled to expire at 11:59 p.m. ET on Oct. 4, pushed back from 11:59 p.m. ET on Aug. 9.
Holders had tendered $294,304,000 principal amount, or 93.43%, of the outstanding notes as of 5 p.m. ET on Aug. 8. That was up from $292.31 million principal amount, or 92.8%, of the notes as of 5 p.m. ET on July 31.
The company was offering par, or $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.
In addition, holders who tendered by the withdrawal deadline, 5 p.m. ET on July 31, were eligible to receive an extended term premium of $10 per $1,000 principal amount of notes if the expiration time had been extended to a date later than Oct. 4.
In the consent solicitation, the company was seeking consents to eliminate substantially all of the restrictive covenants and some of the default provisions in the indenture governing the notes and to release all of the collateral securing the notes.
The company needed 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 of notes to complete the proposed collateral release.
D.F. King & Co. Inc. (800 864-1460, 212 269-5550 or ace@dfking.com) was the tender agent and information agent.
Populus is a financial services company based in Dallas. It was formerly known as ACE Cash Express, Inc.
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