Dollar Financial again extends tender offer for 9¾% notes

By Laura Lutz

Des Moines, Oct. 27 - Dollar Financial Corp. announced that its wholly owned subsidiary, Dollar Financial Group, Inc., further extended the tender offer for its $200 million of 9¾% senior notes due 2011, this time to 9 a.m. ET on Oct. 30.

The offer had earlier been extended to 5 p.m. on Oct. 24 from Oct. 12.

As of 5 p.m. ET on Oct. 26, $198.015 million principal amount, or 99.01%, of the notes had been tendered.

The company had received tenders and consents from holders of $198.696 million principal amount, or 99.35%, of the notes by the consent deadline on Sept. 27.

The consents allow the company to amend the note indenture to eliminate most of the restrictive covenants and certain events of default.

The company said it will pay an amount based on the basis of a yield to the first redemption date for the notes equal to the yield to maturity of the 3% Treasury due Nov. 15, 2007 and 50 basis points.

Dollar Financial added it will also pay accrued interest up to but excluding the payment date.

Those who tendered by the consent deadline will receive a $30.00 per $1,000 principal amount of notes consent payment, which is included in the payout.

Holders who tender must deliver consents.

The tender offer, which was announced on Sept. 14, is subject to conditions including Dollar Financial raising funds from a new financing.

Credit Suisse Securities (USA) LLC is the dealer manager (800 820-1653 or call collect 212 538-0652). Morrow & Co., Inc. is the information agent (800 607-0088 or call collect 203 658-9400).

Dollar Financial is a Berwyn, Pa., franchisor of check-cashing stores.

© 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.