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AMF starts tender for 13% notes
New York, Jan. 29 - AMF Bowling Worldwide, Inc. said it has begun a tender offer for all its 13% notes due 2008.
The Richmond, Va. bowling centers operator and manufacturer of bowling and billiards products said it will set the price to be paid for the notes on the second business day before the expiration date of 5.00 p.m. ET on Feb. 25.
The payment will be based on a fixed spread of 50 basis points over the yield to maturity of the U.S. Treasury 1½% note due Feb. 28, 2005.
That amount will include a $30.00 consent payment which will only be paid for notes tendered by the consent deadline of 5.00 p.m. ET on Feb. 11.
In connection with the tender AMF is also seeking consents to amend the note indenture to, among other things, eliminate substantially all the restrictive covenants.
Holders who tender must consent to the amendments and holders may not deliver consents without tendering.
The tender offer is conditioned upon, among other things, the receipt of the necessary consents to make the amendments, as well as obtaining the requisite funding.
AMF said it is making the tender offer in connection with the previously announced acquisition of AMF by Kingpin Holdings, LLC, Kingpin Merger Sub, Inc., a wholly owned subsidiary of Kingpin Holdings, LLC.
AMF expects to use funds raised in connection with the acquisition through the issuance of equity and debt securities to fund the tender offer.
Merrill Lynch & Co. is acting as dealer manager and solicitation agent for the tender offer and consent solicitation. The information and tender agent is Bondholder Communications Group (212 809-2663 or 888 385-BOND (888-385-2663), attention Anita Strike).
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