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Brand Services again pushes back tender deadline for 12% notes
By Jennifer Chiou
New York, Dec. 22 - Brand Services, Inc. once more extended the tender offer and consent solicitation for its $150 million of 12% senior subordinated notes due 2012, this time to 5 p.m. ET on Jan. 22 from Jan. 9.
Originally set for June 7, the deadline was previously extended to June 28, July 13, July 21, Aug. 1, Sept. 15, Sept. 22, Nov. 9, Nov. 20, Dec. 5, Dec. 12 and Dec. 27.
The pricing date was also moved to 10 a.m. ET on Jan. 5 from Dec. 22. Previously, pricing was set for June 7, June 28, July 18, Aug. 31, Sept. 8, Oct. 26, Nov. 20, Nov. 28 and Dec. 12.
The price will be based on the present value of cash flows to the first call date of Oct. 15, 2007, when the notes 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 calculated on the pricing date.
The total includes a consent payment of $30.00 per $1,000 principal amount of notes tendered by the consent deadline.
Brand Services will also pay accrued interest up to but excluding the payment date.
The company had received tenders for 98.67% of the notes as of Dec. 21, unchanged from May 22.
Brand Services announced the tender offer and consent solicitation on May 9. On May 16, it tightened the spread in the payout.
The consent solicitation allowed the company 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.
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