RadioShack holders tender $43.24 million 7 3/8% notes; consents needed to amend notes not received

By Angela McDaniels

Tacoma, Wash., Sept. 28 - RadioShack Corp. received tenders for $43,237,000 principal amount of its $350 million of 7 3/8% notes due 2011 and has accepted all of the tendered notes for purchase, according to a company news release.

A tender offer and consent solicitation for the notes began Aug. 28 and expired at 8:30 a.m. ET on Sept. 28. The consent deadline was Sept. 11.

RadioShack said that because consents were received for less than a majority of the outstanding notes, the proposed amendments have not been approved.

The company was soliciting consents to amend the indenture to, among other things, eliminate substantially all of the restrictive covenants and some events of default.

RadioShack previously said it would pay $1,050 for each $1,000 principal amount of notes, which includes a $30 consent payment for notes tendered by the early deadline.

Citi (800 558-3745), Bank of America Merrill Lynch (888 292-0070 or call collect 980 388-9217) and Wells Fargo Securities (866 309-6316 or call collect 704 715-8341) were the lead dealer managers. Morgan Keegan & Co., Inc. and PNC Capital Markets LLC were the co-dealer managers.

Global Bondholder Services Corp. (866 807-2200 or call collect 212 430-3774) was the information agent.

RadioShack is a Forth Worth-based consumer electronics goods and services retailer.

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