| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Tenders 2006 > News item |
Brand Services delays 12% notes tender deadline for sixth time
By Laura Lutz
Des Moines, Aug. 31 - Brand Services, Inc. for the sixth time extended its tender offer for its $150 million of 12% senior subordinated notes due 2012, this time to 5 p.m. ET on Sept. 22.
The expiration, originally set for June 7, had already been extended five times, to June 28, July 13, July 21, Aug. 1 and Sept. 15.
The pricing date has also been moved, to 10 a.m. ET Sept. 8, from Aug. 31. Before that, pricing was set for June 7, June 28 and July 18.
As of 5 p.m. ET on Aug. 30, holders of 98.67% of the securities had tendered their notes, unchanged from the consent deadline of 5 p.m. ET on May 22, when it received enough consents to amend the note indenture.
Brand Services announced the tender offer and consent solicitation on May 9. On May 16, it tightened the spread in the payout.
As revised, for each $1,000 principal amount of notes, the company is offering the present value of cash flows to the first call date of Oct. 15, 2007, when the securities are callable at $1,060 per $1,000 principal amount, discounted using a rate of 50 basis points - reduced from 62.5 bps - over the yield of the 4% U.S. Treasury note due Sept. 30, 2007.
The total includes a consent payment of $30.00 per $1,000. Only holders who tendered by the consent deadline will receive this sum.
Brand Services will also pay accrued interest up to but excluding the payment date.
The consent solicitation is to amend the note indenture to eliminate nearly all of the restrictive covenants and certain events of default.
Completion of the tender is subject to completion of Brand Services' initial public offering.
Credit Suisse Securities (USA) LLC is dealer manager and solicitation agent (800 820-1653 or call collect 212 538-0652). D.F. King & Co., Inc. is the information agent (800 949-2583).
Brand Services is a Kennesaw, Ga., provider of scaffolding services.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.