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MQ Associates gets consents to amend 12¼% discount notes
By Laura Lutz
Des Moines, Jan. 15 - MQ Associates, Inc. received the consents it needed to amend its 12¼% senior discount notes due 2012 by the consent deadline, 5 p.m. ET on Jan. 14.
The company said it received consents for $129.21 million, or 95.59%, of the notes by the deadline.
As a result, the company amended the note indenture to eliminate substantially all of the material restrictive covenants and some events of default. The amendments will become operative once the tendered notes are accepted for purchase.
Noteholders who submitted tenders before the consent deadline will receive 110.081% of the accreted value of their notes as of the payment date, which includes a consent payment of $28.12 for each $1,000 principal amount at maturity of notes.
Holders who tender after the consent deadline will receive 107.081% of the accreted value of each note as of the payment date.
The tender offer expires at midnight ET on Jan. 29.
When the tender was announced on Dec. 31, holders of 58.4% of the outstanding notes had agreed to tender their notes and deliver consents, according to a company news release.
The tender offer is conditioned upon the receipt of consents from holders of a majority of the notes.
Noteholders who tender must deliver consents and vice versa.
Jefferies & Co., Inc. (888 708-5831) is dealer manager and solicitation agent, and D.F. King & Co., Inc. (212 269-5550 or 800 859-8509) is information agent.
The company held a change-of-control tender offer for the notes that expired on Dec. 12 in connection with its acquisition by Novant Health, Inc. on Nov. 9. Noteholders tendered $835,000, or 0.61%, of the notes and received 101% of the accreted value.
MQ Associates is the holding company for MedQuest, Inc., an Alpharetta, Ga.-based operator of outpatient diagnostic imaging centers.
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