| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Tenders 2011 > News item |
Stewart Enterprises settles early tenders for $194.2 million 6¼% notes
By Angela McDaniels
Tacoma, Wash., April 18 - Stewart Enterprises, Inc. repurchased $194,188,000 of its $200 million 6¼% senior notes due 2013 on April 18.
The repurchased notes were tendered by 5 p.m. ET on April 15, the consent deadline in a tender offer and consent solicitation that began April 4.
Any notes that remain outstanding following the offer will be redeemed at par plus accrued interest on May 18, according to a company news release.
The company is soliciting consents to eliminate substantially all of the restrictive covenants and some events of default in the note indenture. Holders who tender their notes are deemed to have consented to the amendments, and holders who consent must tender their notes.
Because consents have been received from the holders of a majority of the outstanding notes, a supplemental indenture was executed, and it became operative when the notes were repurchased.
The tender offer remains open until 8 a.m. ET on May 2.
The purchase price is $1,002.50 per $1,000 principal amount of notes. This includes a consent payment of $10.00 for each note tendered by the consent deadline.
The company is also paying accrued interest up to but excluding the applicable settlement date.
The offer is being funded with the proceeds of the company's $200 million issue of 6½% senior notes due 2019, which settled April 18.
Merrill Lynch (888 292-0070 or 980 388-9217) is the dealer manager and solicitation agent, and D.F. King & Co. (800 769-7666 or, for banks and brokerage firms, 212 267-5500) is the information agent.
Stewart Enterprises operates funeral homes and cemeteries and is based in Jefferson, La.
© 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.