| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Tenders 2007 > News item |
Friendly Ice Cream extends tender for 8 3/8% notes
By Susanna Moon
Chicago, Aug. 23 - Friendly Ice Cream Corp. said it extended the cash tender offer for its 8 3/8% senior notes due 2012.
The offer now expires at 5 p.m. ET on Aug. 29, extended from midnight ET on Aug. 22.
As of Aug. 22, investors had tendered $162.2 million of the notes.
On Aug. 9, the company announced the receipt of consents from holders of 89.7% of its $175 million of 8 3/8% senior notes due 2012.
The company said it obtained the necessary consents that will, among other things, substantially eliminate all of the restrictive covenants and certain events of default and has executed a supplemental indenture. The consent deadline was 5 p.m. ET on Aug. 8.
For each $1,000 in principal amount, the company will calculate its payout using a fixed spread of 50 basis points over the yield on the 4.875% Treasury due May 31, 2008.
The payout also includes a $30.00 consent payment for those who tendered by the early deadline.
Friendly Ice Cream also will pay accrued interest to the settlement date.
As previously announced on June 17, Friendly Ice Cream entered into a merger agreement among parent Freeze Operations Holding Corp. and Freeze Operations, Inc., a wholly owned subsidiary of its parent, under which the subsidiary will merge into Friendly Ice Cream.
The offer is conditioned on, among other things, the closing of the merger as well as the execution of a supplemental indenture.
Barclays Capital Inc. is the dealer manager and solicitation agent (call collect 212 412-4072 or 866 307-8991). Georgeson Inc. is the information agent (888 605-7583).
Friendly Ice Cream is a restaurant company based in Wilbraham, Mass.
© 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.