AZTECA HOLDINGS, SA DE CV,(B3/B-) said Wednesday (Feb. 6) that it would redeem all its outstanding 11% senior secured notes which are scheduled to mature on June 15. The redemption date will be March 1. It is assumed that the bonds will be redeemed at par, although the company gave no explicit price details in its announcement. The redemption notice follows the apparent failure of its previously announced tender offer for the notes, although the company did not officially comment on the tender effort. AS PREVIOUSLY ANNOUNCED, Azteca Holdings - the Mexico City-based controlling shareholder of 56%-owned TV AZTECA (TZA), a Mexican television station group owner, network operator and producer of Spanish-language TV programming - said Jan. 16 that it had begun a tender offer for the $126 million remaining outstanding of its 11% notes ($255 million of the notes were originally issued on June 18, 1977; approximately $129 million were exchanged into senior secured notes due 2005 in May 2001). Azteca Holdings initially set the tender offer deadline at 5 p.m. ET on Jan. 29, which was subsequently extended. Azteca Holdings said it was offering to buy the notes at $1,002.50 per $1,000 principal amount, and would also pay all accrued and unpaid interest on all validly tendered notes up to - but not including - the date of payment for the notes and all additional amounts imposed in respect of Mexican withholding taxes with respect to the consideration and accrued interest on the notes. Notes tendered pursuant to the offer to purchase may not be withdrawn. Azteca Holdings said it intends to redeem, at a redemption price of 100% of the face value of the notes, all notes not tendered under the tender offer, in accordance with the terms and conditions of the Indenture. The company said on Jan. 29 that it had extended the tender offer to 5 p.m. ET on Feb. 1, from its original Jan. 29 deadline. The company said it had been advised by the depositary for the offer that as of 5 p.m. ET on Jan. 28, only about $2.4 million of the notes had been tendered. In announcing the tender offer, Azteca said the tender would be conditioned upon, among other things, obtaining funds sufficient to pay the aggregate consideration, accrued interest and additional amounts imposed in respect of Mexican withholding taxes. The company announced separately on Jan. 16 that it would sell $150 million of senior secured notes due 2003 and use the proceeds to fund the note repurchase its outstanding 2002 notes. On Jan. 28, high yield market sources said that Azteca had sold the $150 million of notes via lead-manager Bear Stearns & Co. (877 696-2327), which is also serving as dealer manager for the tender offer. D.F. King, Inc. (banks and brokers call 212 269-5550; all others call 800 755-7250) was the information agent. The Bank of New York was the depositary for the offer.

HEAFNER TIRE GROUP, INC.(Caa2/CCC+) said Tuesday (Feb. 5) that it was beginning a tender offer for all of its $150 million of 10% Series D senior notes due 2008, and would also solicit consents to the adoption of proposed indenture amendments aimed at eliminating most of the restrictive covenants and related events of default, as well as modifying certain other indenture provisions. Heafner, a Huntersville, N.C.-based supplier of tires and automotive wheels, set 5 p.m. ET on March 6 as the offer expiration deadline, subject to possible extension. Tendered notes may be withdrawn, and consents may be revoked, at any time prior to the expiration date. Heafner said it would purchase the notes for $375 per $1,000 principal amount, plus accrued and unpaid interest. It said there would be no separate consent payment. Holders of the notes who tender them will be considered to have consented to the indenture changes; a holder may not deliver a consent without concurrently tendering the notes. The offer is conditioned, among other things, upon Heafner's receipt of funds upon the completion of certain transactions that are part of a planned overall recapitalization plan for Heafner. Notwithstanding any other provision of the offer and the solicitation, Heafner's obligation to accept for purchase and to pay for notes validly tendered pursuant to the offer and the solicitation is conditioned upon, among other things, the noteholders having validly tendered at least a majority of the outstanding notes by the expiration deadline, excluding any notes held by Heafner or its affiliates; the receipt by the company of the requisite number (representing not less than a majority of the notes) of duly executed consents to the proposed indenture amendments; execution of a supplemental indenture to the indenture, providing for the proposed amendments; the closing of each of the other transactions contemplated by Heafner's recapitalization plan and the receipt by Heafner of the net proceeds from these transactions; and the satisfaction of other conditions in the official offering statement. Credit Suisse First Boston Corp. (call toll-free at 800 820-1653 or collect at 212 538-8474) is acting as dealer manager, and MacKenzie Partners, Inc.(call toll-free at 800 322-2885 or collect at (212 929-5500) is the information agent in connection with the offer and the solicitation.

RAILAMERICA, INC. (RRA) (B1/B+) said Monday (Feb. 4) that its wholly owned subsidiary, RAILAMERICA TRANSPORTATION CORP., had extended its previously announced tender offer for all of its outstanding 12 7/8% Series A and B senior subordinated notes due 2010, as well as the related solicitation of noteholder consents to proposed indenture amendments. The offer and solicitation, which were to have expired at 5 p.m. ET on Feb. 4, will now both expire at 5 p.m. ET on Feb. 25. AS PREVIOUSLY ANNOUNCED, RailAmerica, a Boca, Raton, Fla.-based operator of short line and regional freight railroads, said Jan. 4 that RailAmerica Transportation Corp. had begun the offer to purchase all $130 million of the outstanding 12 7/8% notes for cash, as well as the related consent solicitation. It initially set the consent deadline for Jan. 18 and set the tender offer expiration for Feb. 4, both subject to possible extension. On Jan. 18, the company announced the extension of the consent solicitation portion of the offer to Feb. 4, to coincide with the expiration of the offer. The company initially set the total consideration to be paid for notes tendered and consents delivered by the consent deadline at $1,100 per $1,000 principal amount, plus accrued and unpaid interest, and said the total consideration would consist of the tender offer consideration of $1,085 per $1,000 principal amount for notes delivered after the consent deadline but before the tender expiration (until the consent deadline as extended to coincide with the tender offer deadline), as well as a $15 per $1,000 consent payment. All holders are to also receive unpaid and accrued interest. RailAmerica said the offer is subject to several conditions, including the valid tender of a majority of the outstanding notes at the time outstanding and the valid delivery of the accompanying consents, the execution and delivery of a supplemental indenture incorporating the proposed indenture changes and the receipt by the company of net proceeds from a debt financing. UBS Warburg LLC (Call collect at 203 719-8035) is the dealer manager and solicitation agent for the offer and the solicitation, D.F. King & Co., Inc. (call collect at 212 269-5500 or toll-free at 800 628-8536) is the information agent.

ADVANTICA RESTAURANT GROUP, INC. (DINE)(B3/C) said on Monday (Feb. 4) that it had extended its previously announced exchange offer for its existing 11.25% senior notes due 2008 to 5 p.m. ET on Feb. 6, subject to further extension, from the originally announced Feb. 1. It said that so far, approximately $63.9 million of the existing notes had been tendered under the exchange offer. AS PREVIOUSLY ANNOUNCED, Advantica, a Spartanburg, S.C.-based restaurant chain operator, said Jan. 3 that it was offering to exchange up to $204.1 million of registered 12.75% senior notes due 2007, to be jointly issued by its DENNY'S HOLDINGS, INC. subsidiary and Advantica, for up to $265 million of the outstanding $529.6 million of existing 11.25% notes. The offer was originally scheduled to expire at 5 p.m. ET on Feb. 1, but the deadline has now been extended. Advantica said it would offer $770 principal amount of the new notes per $1,000 principal amount of the old notes, plus accrued and unpaid interest in cash. Completion of the exchange offer would be conditioned on a minimum amount of $160 million of the existing old notes having been validly tendered, up to a maximum tender amount of $265 million. Advantica said that in the event that the existing notes tendered were to exceed the maximum amount, the company would allocate the New Notes on a pro-rata basis. UBS Warburg LLC is acting as the dealer manager in the exchange offer. MacKenzie Partners, Inc. (800 322-2885). U.S. Bank NA is serving as the exchange agent.

© 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.