Tervita begins tender offer, consent bid for 11% senior notes due 2015

By Susanna Moon

Chicago, Nov. 18 - Tervita Corp. said it began a tender offer and consent solicitation for its outstanding 11% senior notes due 2015.

The total purchase price will be $1,006.25 per $1,000 principal amount of notes tendered by 5 p.m. ET on Dec. 2.

The total payment consists of a $976.25 tender offer payment and $30.00 consent payment per $1,000 principal amount.

Holders who tender their notes after the consent date will receive $976.25 per $1,000 of notes.

The company also will pay accrued interest up to but excluding the settlement date.

The offer will end at 11:59 p.m. ET on Dec. 16.

The company plans to call any notes that remain outstanding after the offer ends.

Tendered notes may be withdrawn by the consent deadline.

The tender offer is conditioned upon completion of a debt offering with enough proceeds to fund the offer.

Tervita began a roadshow on Nov. 18 for a $325 million offering of 4.25-year senior notes with the deal set to price later that week, as reported by Prospect News.

The tender agent and information agent is D.F. King & Co., Inc. (212 269-5550 collect and 800 628-8536). RBC Capital Markets, LLC (Liability Management Group at 212 618-7822 collect or 877 381-2099) is the dealer manager and solicitation agent.

Tervita is a Calgary, Alta.-based environmental management services provider for the oil and gas industry.

© 2015 Prospect News.
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