Avid Technology launches tender offer for 2% convertibles due 2020

By Marisa Wong

Morgantown, W.Va., April 11 – Avid Technology Inc. has begun a cash tender offer for any and all of its $102,853,000 outstanding 2% senior convertible notes due 2020.

The offer expires at 12:01 a.m. ET on May 9.

The company is offering to purchase the notes at $977.50 per $1,000 principal amount plus accrued interest to but excluding the payment date.

The tender offer is conditioned on the company receiving $100 million of committed delayed-draw funds under an amended credit facility. Borrowings will be used, along with available cash, to fund the purchase of tendered notes.

The tender offer is not conditioned on any minimum amount of notes being tendered.

Jefferies LLC (212 284-8137) is the dealer manager. Global Bondholder Services Corp. (attn.: corporate actions, 212 430-3775/3779 for fax, 212 430-3774 to confirm receipt of fax, 212 430-3774 for banks and brokers or 866 470-4300 for all others) is the tender and information agent.

Avid is a technology and multimedia company based in Burlington, Mass.

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