Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers T > Headlines for Tenders 2011 > News item |
Greenbrier gets tenders for $90.6 million of 8 3/8% notes so far
By Angela McDaniels
Tacoma, Wash., April 13 - Greenbrier Cos., Inc. has received tenders for $90,599,000 principal amount, or 38.55%, of its 8 3/8% senior notes due 2015 as of 5 p.m. ET on April 12, the consent date.
A cash tender offer and consent solicitation for the notes began on March 30.
The company waived the condition that it receive consents from holders of at least a majority of the notes by the consent date. Consents are being solicited to amend the notes to eliminate substantially all of the restrictive covenants and some events of default.
Greenbrier also issued a notice of redemption for any notes that remain outstanding after the completion of the tender offer. The notes will be redeemed on May 16 at 102.792 plus accrued interest.
All of the notes tendered by the consent date have been accepted for purchase. The settlement date was expected to be Wednesday.
The company will pay $1,031.67 for each $1,000 principal amount of notes. This includes a consent fee of $10.00 per note.
Holders who tender after the consent date but by the offer deadline of 8 a.m. ET on April 27 will receive $1,021.67 per $1,000 principal amount.
The company will also pay accrued interest up to but excluding the applicable settlement date.
Holders who tender their notes are deemed to have delivered their consents. Holders may not deliver consents without tendering their notes.
Proceeds from a new issue of 3.5% senior convertible notes due 2018 will be used to fund the offer.
Merrill Lynch (888 292-0700 or collect at 980 388-9217) is the dealer manager and solicitation agent for the tender offer and consent solicitation. D.F. King & Co., Inc. (800 628-8536 or collect 212 269-5550) is the information agent and depositary.
Greenbrier is a Lake Oswego, Ore.-based supplier of transportation equipment and services to the railroad industry.
© 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.