By Susanna Moon
Chicago, Aug. 17 - First Data Corp. said received it received consents and tenders from holders of a majority of each series of its $1.96 billion in nine series of notes.
As of the consent deadline of 5 p.m. ET on Aug. 16, the company received consents and tenders for the following principal amounts:
$58.6 million, or 68.5%, of the 6 3/8% notes due 2007;
$422.7 million, or 84.5%, of the 3 3/8% notes due 2008;
$26.5 million, or 65.4%, of the 5 4/5% medium-term notes due 2008,
$86.8 million, or 84.4%, of the 3 9/10% notes due 2009;
$134.8 million, or 84.9%, of the 4½% notes due 2010;
$109.1 million, or 69.3%, of the 5 5/8% senior notes due 2011;
$426.1 million, or 95.2%, of the 4.7% notes due 2013;
$335.9 million, or 97.4%, of the 4.85% notes due 2014; and
$359.2 million, or 96.6%, of the 4.95% notes due 2015.
First Data expects to execute a supplemental indenture promptly. It will go into effect when the company buys the notes.
The company began the cash tender offers and consent solicitations on Aug. 3 for more than $2.2 billion of its outstanding unsecured notes, according to a previous announcement.
The offers expire at 8 a.m. ET on Sept. 4.
Holders who tender must consent to amend the note indentures. The proposed amendments would eliminate or waive substantially all of the restrictive covenants, eliminate some events of default, modify covenants regarding mergers and consolidations and modify or eliminate certain other provisions, including some provisions relating to defeasance.
The payout for each $1,000 principal amount of notes will be set at 2 p.m. ET on Aug. 29 based on the yield to maturity of a reference U.S. Treasury security plus a spread minus accrued interest up to but excluding the payment date.
The payout will include a consent payment of $30 per $1,000 principal amount of notes tendered before the consent deadline.
The company will also pay accrued interest up to but excluding the payment date.
The tender offers and consent solicitations also are subject the merger of First Data with an affiliate of Kohlberg Kravis Roberts & Co.
Citi (800 558-3745 or 212 723-6106) is the lead dealer manager and lead solicitation agent, with Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and Lehman Brothers Inc. as co-dealer managers and co-solicitation agents.
Global Bondholder Services Corp. (212 430-3774 or 866 924-2200) is the information agent.
First Data is a Denver-based provider of electronic commerce and payment services.
First Data tender offer
Note | Amount outstanding | Reference security | Spread
|
6 | 3/8% notes due Dec. 15, 2007 | $85.448 million | 4¼ Treasury due Nov. 30, 2007 | 25 bps
|
3 | 3/8% notes due Aug. 1, 2008 | $500 million | 5% Treasury due July 31, 2008 | 42 bps
|
5.8% notes due Dec. 15, 2008 | $40.501 million | 3 | 3/8% Treasury due Dec. 15, 2008 | 38 bps
|
3.9% notes due Oct. 1, 2009 | $102.798 million | 4 | 5/8% Treasury due July 31, 2009 | 40 bps
|
4½% notes due June 15, 2010 | $158.749 million | 4½% Treasury due May 15, 2010 | 43 bps
|
5 | 5/8% notes due Nov. 1, 2011 | $157.339 million | 4 | 5/8% Treasury due July 31, 2012 | 44 bps
|
4.7% notes due Aug. 1, 2013 | $447.594 million | 4½ Treasury due May 15, 2017 | 64 bps
|
4.85% notes due Oct. 1, 2014 | $344.951 million | 4½ Treasury due May 15, 2017 | 68 bps
|
4.95% notes due June 15, 2015 | $371.959 million | 4½ Treasury due May 15, 2017 | 72 bps
|
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