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DriveTime again extends offer, consent solicitation for 12 5/8% notes
By Marisa Wong
Madison, Wis., Nov. 6 - DriveTime Automotive Group, Inc. is extending the expiration date of the tender offer and consent solicitation for its outstanding 12 5/8% senior secured notes due 2017 jointly issued with DT Acceptance Corp. The tender offer will now expire at 11:59 p.m. ET on Nov. 19, according to an 8-K filing with the Securities and Exchange Commission.
The expiration date was previously extended to Nov. 5 from Oct. 22.
DriveTime began the tender offer on Sept. 24 and solicited consents to proposed amendments to the indenture governing the 12 5/8% notes.
As of 5 p.m. ET on Nov. 5, holders tendered and delivered consents for $192,843,000, or 96.42%, of the outstanding notes. The tender amount is unchanged from Oct. 22.
The company said it plans to settle accepted tendered notes right after the new expiration date.
Global Bondholder Services Corp. (212 430-3774 or 866 873-7700) is the depositary and information agent.
Based in Phoenix, DriveTime sells used cars to individuals with no credit or bad credit.
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