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Adesa sets pricing in tender for 7 5/8% notes due 2012
By Jennifer Chiou
New York, April 18 - Adesa, Inc. announced pricing in its tender offer for its 7 5/8% senior subordinated notes due 2012.
For each $1,000 principal amount of notes tendered, the company will pay $1,060.23, an amount calculated using the yield of the 4 7/8% U.S. Treasury due May 31, 2008 plus 50 basis points.
The total consideration includes $30.00 per $1,000 principal amount for notes tendered before the consent deadline at 5 p.m. ET on April 5. Pricing was set at 2 p.m. ET on April 17.
When the offer was announced on March 22, there was $125 million principal amount of the notes outstanding.
As of the consent deadline, the company had received tenders from holders of more than 99% of its notes.
The tender offer will expire at 8 a.m. ET on April 23.
The consents allow the company to amend the notes to eliminate substantially all of the restrictive covenants and some events of default from the note indenture. Adoption of the amendments requires consents from holders of a majority of the notes.
Settlement of the offer depends on conditions including settlement of the merger. Completion of the offer is not a condition of the merger.
The tender offer and consent solicitation are being conducted in connection with the acquisition of Adesa by affiliates of Kelso & Co., GS Capital Partners, ValueAct Capital and Parthenon Capital.
Bear, Stearns & Co. Inc. (877 696-BEAR or collect 212 272-5112) is dealer manager. D.F. King & Co., Inc. (888 268-9011 or collect 212 269-5550) is information agent.
Adesa is a Carmel, Ind., provider of wholesale vehicle auctions and used vehicle dealer floorplan financing.
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