| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Tenders 2010 > News item |
CompuCredit waives minimum, extends tender offer for $160 million 3.625%, 5.875% convertibles
By Susanna Moon
Chicago, Feb. 26 - CompuCredit Holdings Corp. said it waived the minimum tender condition and extended the modified Dutch auction tender offer for up to $160 million total of its $230.5 million of 3.625% convertible senior notes due 2025 and its $156 million of 5.875% convertible senior notes due 2035.
The offer will now expire at 11:59 p.m. ET on March 4, extended from 11:59 p.m. ET on Feb. 25. The offer began on Jan. 28.
The offer had been conditioned on tenders from holders of at least $80 million of the 3.625% notes.
As of Feb. 25, investors had tendered $31,442,000 principal amount of the 3.625% convertibles and $18,556,000 principal amount of the 5.875% convertibles.
The notes are listed in order of priority acceptance level.
The company previously said it planned to fund the offer with available cash on hand.
Under the auction procedure, CompuCredit is offering to purchase the 3.625% notes at a price not greater than $500 or less than $460 per $1,000 principal amount while the range for the 5.875% notes is between $310 and $350 per $1,000 principal amount. The company will accept bids in multiples of $0.50.
Holders will receive accrued interest.
The company noted that only validly tendered securities at prices at or below the purchase price range will be purchased.
CompuCredit said it is possible that no 5.875% convertibles will be purchased.
Questions may be directed to the information agent (866 952-2200 or call collect 212 430-3774). UBS Securities LLC is the dealer manager (888 719-4210 or call collect 203 719-4210). The depositary is U.S. Bank NA.
Atlanta-based CompuCredit is a specialty finance company and marketer of branded credit cards and related financial services.
© 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.