Dycom to redeem its $48.39 million 8 1/8% notes due 2015 on Feb. 21

By Melissa Kory

Cleveland, Jan. 24 - Dycom Industries, Inc. said that its wholly owned subsidiary Dycom Investments Inc. will redeem its outstanding $48.39 million of 8 1/8% senior subordinated notes due 2015.

The notes will be redeemed on Feb. 21 at 104.063% of par plus accrued interest of $28.44 per $1,000 principal amount of the notes to the redemption date.

U.S. Bank, NA is the redemption agent.

Dycom began a cash tender offer to purchase its $135.35 million of the notes and solicit consents to amend the notes on Jan. 6. Dycom received the necessary consents for the notes. Dycom also settled early tenders for $86.96 million of the notes. Including accrued interest to Jan. 21, the company paid $92.6 million.

The company paid $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 included 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.

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.

© 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.