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Denny's subsidiary closes tender offer for 10% senior notes due 2012
By Susanna Moon
Chicago, Oct. 7 - Denny's Corp. said its wholly owned subsidiary, Denny's Holdings, Inc., received tenders for 71.59% of its $175 million of 10% senior notes due 2012 as of 11:59 p.m. ET on Wednesday, the expiration day.
Investors tendered $125,279,000 principal amount of the notes, up slightly from $125,266,000 principal amount, or 71.58%, of the notes as of 5 p.m. ET on Sept. 22, the consent date.
On Sept. 30, Denny's paid $1,002.50 for each $1,000 principal amount, including a consent payment of $10.00 per note, plus accrued interest up to but not including the early payment date.
On Oct. 7, Denny's paid $992.50 per note tendered after the consent date but before the expiration plus accrued interest up to but not including the payment date.
After the purchase, there is $49,721,000 principal amount of the notes outstanding.
As previously noted, the company received the consents needed to approve the amendments to the indenture.
Denny's Holdings, Denny's Corp., and U.S. Bank NA, as trustee, entered into a supplemental indenture on Sept. 22.
The company solicited consents to eliminate substantially all of the restrictive covenants and some events of default contained in the indenture governing the notes.
The notes are redeemable at par beginning Oct. 1. The company intends to call all notes not purchased in the tender offer.
The tender offer is subject to the adoption of the proposed amendments and the consummation of the company's new senior secured credit facility, which is expected to be for $300 million.
Bank of America Merrill Lynch (888 292-0070 or 646 855-3401) and Wells Fargo Securities (866 309-6316 or 704 715-8341) are the dealer managers and solicitation agents for the tender offer. The information agent is Global Bondholder Services Corp. (866 952-2200 or 212 430-3774).
Denny's is a restaurant chain based in Spartanburg, S.C.
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