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Unisys wraps oversubscribed tender for $220 million 12¾%, 14¼% notes
By Susanna Moon
Chicago, April 11 - Unisys Corp. said investors tendered $134,798,000 of its 14¼% senior secured notes due 2015 and $191,033,000 of its 12¾% senior secured notes due 2014 in the tender offer that began Feb. 22 and expired at 5 p.m. ET on April 8.
The company offered to buy up to $220 million of the $246,603,000 of 14¼% notes and $374,962,000 of 12¾% notes. The notes are listed in order of priority acceptance level.
Unisys said it accepted tenders for all of the 14¼% notes and for $44,066,000 of the 12¾% notes. The proration factor for the 12¾% notes was about 23.1%.
The company said it expected to pay for the notes on April 11.
For each $1,000 principal amount, the purchase price is $1,232.50 for the 14¼% notes and $1,222.50 for the 12¾% notes. Both prices include a $40.00 early tender payment for notes tendered by the early tender time, which was 5 p.m. ET on March 24.
By the early deadline, the company had received tenders for $134,743,000 of the 14¼% notes and $190,247,000 of the 12¾% notes.
The company said it also redeemed $124.7 million of the 12¾% notes and $86.3 million of the 14¼% notes using proceeds from the closed offering of $258.75 million of 6¼% convertible preferred stock.
The company said at the end of February that it would redeem the 12¾% notes at 112.75 and the 14¼% notes at 114.25, plus accrued interest to the redemption date.
The dealer managers are Goldman Sachs & Co. (call collect 212 902-5183 or 800 828-3182) and Citigroup Global Markets Inc. (call collect 212 723-6106 or 800 558-3745). Global Bondholder Services Corp. (212 430-3774 for banks and brokers or 866 937-2200) is the information agent and depositary.
Unisys provides information technology services, software and technology and is based in Blue Bell, Pa.
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