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FTI Consulting announces final tender results of 7 5/8% senior notes
By Marisa Wong
Madison, Wis., Oct. 13 - FTI Consulting, Inc. said that as of Sept. 27, the consent payment deadline, it purchased approximately $185.8 million of its outstanding 7 5/8% senior notes due 2013 for its previously announced cash tender offer and consent solicitation.
The company began a tender offer for any and all of its outstanding 7 5/8% senior notes on Sept. 14. The offer expired at 11:59 p.m. ET on Oct. 12.
The company also solicited consents to proposed amendments that would, among other things, eliminate substantially all of the restrictive covenants and some events of default in the indenture governing the notes.
As previously reported, consents are needed from holders of a majority of the notes in order to make the changes. Holders who tendered their notes are deemed to have consented to the amendments.
Between Sept. 28 and the expiration time, there were no additional 7 5/8% notes tendered, according to a news release.
The company said it intends to redeem all of the 7 5/8% notes that remain outstanding, which total approximately $14.2 million, on Nov. 1.
For each $1,000 principal amount of notes tendered, holders will receive $1,021.56. This includes a consent payment of $20.00 for each note tendered by the consent payment deadline.
The company will also pay accrued interest up to but excluding the payment date.
Banc of America Securities LLC (888 292-0070 or 980 388-9217) was dealer manager and solicitation agent for the tender offer. D. F. King & Co., Inc. (212 269-5550 or 800 431-9633) acted as information agent and depositary.
FTI is a business advisory firm based in West Palm Beach, Fla.
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