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NCO Group tenders, solicits consents for 11 7/8%, floating-rate notes
New York, Nov. 30 - NCO Group, Inc. announced cash tender offers and consent solicitations for its $200 million of 11 7/8% senior subordinated notes due 2014 and $165 million floating-rate senior notes due 2013.
Holders who tender their notes and deliver consents by the consent deadline of 5 p.m. ET on Dec. 13 will receive $1,035.94 per $1,000 principal amount of the 11 7/8% notes and $1,002.50 per $1,000 principal amount of the floaters. Both amounts include a consent payment of $10 per $1,000 that will only be paid for notes tendered by the consent deadline.
NCO will also pay accrued interest up to but excluding the payment date.
The solicitations are seeking approval to amend the note indentures to eliminate substantially all of the restrictive covenants and certain events of default and related provisions.
For each series of notes, the company needs consents from holders of a majority of the securities in order to make the amendments.
The offers end at 12:01 a.m. ET on Dec. 29.
Conditions to each offer include the receipt of consents from holders of a majority of the notes, the company's entry into a new credit facility and completion of an offering of new notes totaling at least $300 million.
NCO said it intends to redeem any notes outstanding after the offers are completed.
Deutsche Bank Securities Inc. (call collect 212 250-7527 or 855 287-1922) and Barclays Capital Inc. (call collect 212 528-7581 or 800 438-3242) are dealer managers and solicitation agents. D.F. King & Co., Inc. is the tender agent and information agent (800 859-8508).
NCO Group is a Horsham, Pa., provider of business process outsourcing services.
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