Coinmach tenders for all 11% notes due 2024

By Jennifer Chiou

New York, Jan. 6 - Coinmach Service Corp. announced the start of a tender offer for all its 11% senior secured notes due 2024.

The company is also soliciting consents to proposed amendments to the notes' indenture to eliminate substantially all restrictive covenants and events of default.

The consent deadline is 9 a.m. ET on Jan. 20 and the offer ends at 9 a.m. ET on Feb. 3, unless extended.

For each $6.14 principal amount of notes, the company said it will pay $6.754 plus accrued interest up to but excluding the payment date. The payout includes a $0.0614 consent payment for those who tender their holdings before the consent deadline.

The company added that noteholders whose securities underlie income deposit securities must separate the income deposit securities before tendering the notes.

The offer is conditioned upon the satisfaction or waiver of conditions, including the completion of a proposed registered offering of Coinmach class A common stock.

Jefferies & Co., Inc. is dealer manager and consent solicitation agent. MacKenzie Partners, Inc. is information agent (call collect 212 929-5500 or 800 322-2885). The Bank of New York is depositary (212 815-3750).

Based in Plainview, N.Y., Coinmach Service supplies outsourced laundry equipment services for multi-family housing properties through its subsidiaries.

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