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Coinmach gets tenders for $48 million 11% notes at consent deadline
By Jennifer Chiou
New York, Jan. 25 - Coinmach Service Corp. announced it received tenders from holders of $48 million of its 11% senior secured notes due 2024 as of 5 p.m. ET on Jan. 24.
The early tender and consent deadline was at 9 a.m. ET on Jan. 25. It had previously been extended from 9 a.m. ET on Jan. 20.
The company is soliciting consents to proposed amendments to the notes' indenture to eliminate substantially all restrictive covenants and events of default.
On Jan. 18, the company lowered the minimum tender condition in the offer, saying it must receive tenders from holders of $30 million of notes instead of $70 million.
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 $6.6926. The payout includes a $0.0614 consent payment for those who tender their holdings before the consent deadline and accrued interest up to but excluding the payment date.
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).
The company started the offer on Jan. 6.
Based in Plainview, N.Y., Coinmach Service supplies outsourced laundry equipment services for multi-family housing properties through its subsidiaries.
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