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FTI Consulting begins tender offer, solicits consents for 7 5/8% notes
By Angela McDaniels
Tacoma, Wash., Sept. 14 - FTI Consulting, Inc. has begun a tender offer and consent solicitation for its 7 5/8% senior notes due 2013, according to a company news release.
The company is soliciting 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.
Consents are needed from holders of at least a majority of the notes in order to make the changes. Holders who tender their notes will be deemed to have consented to the amendments.
For each $1,000 principal amount of notes, holders will receive $1,021.56. This includes a consent payment of $20.00 for each note tendered by the consent payment deadline, which is 5 p.m. ET on Sept. 27.
The company will also pay accrued interest up to but excluding the payment date.
The tender offer will expire at 11:59 p.m. ET on Oct. 12.
The offer is subject to the receipt by the company, on or prior to the initial acceptance date, of enough proceeds from a new debt financing and a new revolving credit facility to fund the offer.
The dealer manager and solicitation agent is Banc of America Securities LLC (888 292-0070 or 980 388-9217). The information agent is D.F. King & Co., Inc. (212 269-5550 for banks and brokers, others call 800 431-9633).
FTI Consulting is a business advisory firm based in West Palm Beach, Fla.
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