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Dycom Investments tenders for $135.35 million of 8 1/8% notes due 2015
By Susanna Moon
Chicago, Jan. 6 - Dycom Industries, Inc. said its wholly owned subsidiary Dycom Investments, Inc. began a cash tender offer to purchase its $135.35 million principal amount of outstanding 8 1/8% senior subordinated notes due 2015.
Dycom also is soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants, affirmative covenants, events of default and substantially all of the restrictions on the ability of Dycom Industries, Dycom Investments or subsidiaries to merge, consolidate or sell all or substantially all of their properties or assets contained in the indenture and the notes.
Holders who tender their notes will be deemed to have consented to the proposed amendments.
The company will pay $1,043.13 for each $1,000 principal amount of notes tendered by the consent deadline of 5 p.m. ET on Jan. 20. The total price includes a consent payment of $20.00 for each $1,000 of notes.
Holders who tender their notes after the consent date will receive the total payout less the consent fee.
The tender offer and consent solicitation will run until midnight ET on Feb. 3.
The offer is conditioned on Dycom receiving proceeds from one or more financings sufficient to fund the offers.
Tendered notes may be withdrawn before 5 p.m. ET on Jan. 20.
Goldman Sachs & Co. (800 828-3182 or 212 902-5183) and Bank of America Merrill Lynch (888 292-0070 or 980 388-9217) are the dealer managers and solicitation agents. Global Bondholder Services Corp. (866 488-1500) is the information agent.
Dycom is a Palm Beach Gardens, Fla.-based provider of specialty contracting services.
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