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CompuCredit wraps Dutch auction tender for 3.625%, 5.875% convertibles
By Jennifer Chiou
New York, March 5 - CompuCredit Holdings Corp. said it accepted for purchase $24,717,500 of its $230.5 million of 3.625% convertible senior notes due 2025 and $15,554,000 of its $156 million of 5.875% convertible senior notes due 2035 in the modified Dutch auction tender offer for up to $160 million total of the securities.
The offer ended at 11:59 p.m. ET on March 4, previously extended from 11:59 p.m. ET on Feb. 25. It began on Jan. 28.
The offer had been conditioned on tenders from holders of at least $80 million of the 3.625% notes, but the company waived the minimum tender condition on Feb. 26.
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.
Under the auction procedure, CompuCredit offered 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 accepted 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 were to be purchased, and it paid $500 per $1,000 principal amount for the 3.625% notes and $350 per $1,000 principal amount for the 5.875% notes.
The company previously said it planned to fund the offer with available cash on hand.
CompuCredit already said it was possible that no 5.875% convertibles will be purchased.
Questions could 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.
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