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Secunda ends tender offer after canceling initial public offering
By Laura Lutz
Des Moines, Oct. 13 - Secunda International Ltd. terminated the tender offer and consent solicitation for all of its $125 million outstanding senior secured floating rate notes due 2012.
The company ended the offer after it canceled its initial public offering in Canada due to adverse market conditions. Successful completion of that offering was a condition for settlement of the tender offer.
All tendered notes will be returned to the original noteholders.
The offer, originally set to expire on July 28, had already been extended four times, most recently to Oct. 12.
As previously reported, all of the notes were tendered by the consent deadline on July 12.
On July 14, the company had set the offer price at $1,043.58, including the $30.00 consent payment. That price was based on a tender offer yield of 5.658% - 50 basis points more than the comparable U.S. Treasury.
Following a price increase on July 28, the company said it would pay a fixed amount of $1,045.00, plus accrued interest, per $1,000 principal amount of notes. That price included a $30.00 consent payment.
Secunda also made an annual reduction offer for up to $3.8 million of the notes. That expired on Sept. 29 with no securities tendered.
That offer, announced Aug. 1, applied to any notes not tendered in the company's ongoing tender offer and consent solicitation for the same securities. It was required under the note indenture.
In the annual reduction offer, the company would have paid the principal amount plus accrued interest up to the date of payment for the notes.
Banc of America Securities LLC was the dealer manager and solicitation agent for the ongoing tender offer (call High Yield Special Products collect at 212 847-5836 or 888 292-0070). D.F. King and Co., Inc. was the information agent for both offers (call collect 212 269-5550 or 800 758-5378).
Secunda is a Dartmouth, Nova Scotia, offshore oil services company.
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