Affinion launches cash tender offer for 10 1/8% senior notes due 2013

By Marisa Wong

Madison, Wis., Nov. 8 - Affinion Group, Inc. said it has started a cash tender offer to purchase any and all of its $454 million of outstanding 10 1/8% senior notes due 2013.

Affinion is also soliciting consents from holders to certain proposed amendments to the indenture governing the notes that would eliminate substantially all of the restrictive covenants and some events of default.

The tender offer will expire at 12:01 a.m. ET on Dec. 8.

Holder who tender their notes and deliver their consents prior to 5 p.m. ET on Nov. 22, the consent date, will receive the total consideration of $1,029.06 per $1,000 principal amount of notes, which is equal to the tender consideration of $999.06 plus a $30.00 consent payment.

Holders who tender their notes after the consent date but before the expiration date will receive the tender consideration but not the consent payment.

In both cases, holders of notes purchased in the tender offer will also be paid accrued interest from the most recent interest payment date to but excluding the applicable settlement date.

The tender offer is subject to the completion of a $475 million capital markets transaction and the receipt of needed consents to adopt the proposed amendments.

Deutsche Bank Securities Inc. (212 250-6429) is the dealer manager and solicitation agent, and D.F. King & Co., Inc. (800 269-6427 or 212 269-5550) is the information agent.

Affinion is a Stamford, Conn.-based provider of marketing services and customer loyalty programs.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.