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Prospect News home > News index > List of issuers T > Headlines for Tenders 2009 > News item |
Quantum ups tender offer price for 4.375% convertibles, lowers amount to be purchased
By Angela McDaniels
Tacoma, Wash., April 28 - Quantum Corp. said it increased the purchase price in the tender offer for its 4.375% convertible subordinated notes due 2010 to $740 per $1,000 principal amount of convertibles from $700. Holders will also receive accrued interest up to but excluding the settlement date.
The company also decreased the principal amount of convertibles it is offering to purchase to $135 million from $142 million, according to a company news release.
If Quantum receives tenders for more than $135 million principal amount of convertibles, it will accept the convertibles on a pro rata basis.
The tender offer began on March 27 and will expire at 5 p.m. ET on May 12.
The offer is contingent on no less than $135 million of notes being tendered and the receipt of at least $100 million in gross proceeds from a term loan the company expects to receive from EMC Corp.
Credit Suisse (212 325-2000) is the dealer manager. Global Bondholder Services Corp. (212 430-3774 or 866 488-1500) is the information agent.
San Jose, Calif.-based Quantum is a storage company specializing in backup, recovery and archiving.
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