Evertec obtains required consents in solicitation for 11% notes

By Jennifer Chiou and Susanna Moon

New York, May 4 - Evertec, LLC and Evertec Finance Corp. announced that it has received consents from holders of a majority of $210.5 million principal amount of 11% senior notes due 2018.

The consents are enough to amend the note indenture to update the limitation on the restricted payment covenant, allowing additional dividend capacity of up to $270 million.

The consent solicitation expired at 5 p.m. ET on May 4. The offer began on April 30.

Earlier in the day, the company increased the consent fee in the solicitation. Holders who delivered consents will receive $25.00 per $1,000 principal amount of notes. The company had originally planned to pay a consent fee of $10.00 per $1,000 of notes under the offer.

The solicitation agents were Bank of America Merrill Lynch (646 855-3401 or 888 292-0070) and Morgan Stanley & Co. LLC (212 761-1057 or 800 624-1808). The information, tabulation and paying agent was D.F. King & Co. (212 269-5550 or 800 714-3313).

San Juan, Puerto Rico-based Evertec, LLC, formerly known as Evertec, Inc., and its subsidiaries offer transaction and payment processing services in Puerto Rico and in some Caribbean and Latin America countries.

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