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TravelCenters tenders for 12¾% notes
New York, June 2 - TravelCenters of America, Inc. said it has begun a cash tender offer and consent solicitation for any and all of its $190 million principal amount of 12¾% senior subordinated notes due May 1, 2009.
Holders tendering their notes will be required to consent to amendments to the note indenture which will eliminate substantially all of the restrictive covenants, certain events of default and certain other related provisions.
The tender offer and consent solicitation is subject to completion of a refinancing of TravelCenters' credit facilities and receipt of consents from holders of at least 50% of the outstanding notes. Holders may not tender without delivering consents or deliver consents without also tendering.
The consent solicitation ends at 5 p.m. ET on June 15, and the tender ends at midnight ET on June 29.
For each $1,000 principal amount of notes validly tendered by the consent date, TravelCenters will pay the present value on a date promptly following the tender expiration of the $1,063.75 per $1,000 principal amount redemption price on the first call date of Nov. 1, 2005 and interest payments up to the call date, discounted using a yield to the call date of 50 basis points over the yield on the 1 5/8% U.S. Treasury note due Oct. 31, 2005 minus accrued interest up to but excluding the date of payment.
Pricing will be fixed at 2 p.m. ET on the second business day before the expiration date.
The Westlake, Ohio, operator of travel centers and truck repair facilities will also pay accrued interest.
The total payment includes a $30.00 per $1,000 principal amount consent payment that will only be paid to holders that tender by the consent deadline.
J.P. Morgan Securities Inc. (call collect 212 834-3424 or 866 834-4666) and Lehman Brothers Inc. (call collect 212 528-7581 or 800 438-3242)are dealer managers and solicitation agents. The depositary and information agent is D.F. King & Co., Inc. (banks and brokers call 212 269-5550; others call 800 488-8075).
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