tw telecom unit gets $300,000 more 8% notes due 2018 since early date

By Susanna Moon

Chicago, Sept. 10 - tw telecom inc. said its subsidiary tw telecom holdings inc. received tenders and consents for another $300,000 principal amount of its $430 million outstanding 8% senior notes due 2018 since the consent date.

The company settled the remaining tenders Tuesday, leaving about $23.5 million principal amount, or 5.46%, of the notes outstanding, according to a press release.

The tender offer ended at 11:59 p.m. ET on Sept. 9.

As noted before, the company received tenders and consents for $406.2 million principal amount, or 94.5%, of the notes by 5 p.m. ET on Aug. 23, the consent date, and the tendered notes were purchased on Aug. 26.

The company solicited consents to amend the notes to eliminate substantially all of the restrictive covenants and some events of default and to shorten the redemption notice period to three business days.

The consents received by the early deadline were enough to amend the notes, and a supplemental indenture was executed.

The total purchase price was $1,077.79 for each $1,000 principal amount of notes tendered by the consent date. The total amount included a consent payment of $30.00 per $1,000 principal amount.

The company also paid accrued interest up to but excluding the payment date.

Holders could not tender their notes without delivering their consents or deliver their consents without tendering their notes.

The tender offer was conditioned on the receipt of the required consents to the proposed amendments and the completion of a new debt financing with proceeds of at least $430 million by the early settlement date.

The company priced $800 million of senior notes in two tranches on Aug. 12, as reported by Prospect News.

The company previously said it reserved the right to purchase some or all of any remaining notes from time to time through open-market purchases, privately negotiated transactions, tender offers, exchange offers, optional redemption transactions or otherwise. The company also may redeem the outstanding notes under the terms of the notes.

Credit Suisse Securities (USA) LLC (800 820-1653 or 212 325-5912) and Morgan Stanley & Co. LLC are the dealer managers and solicitation agents. RBC Capital Markets, LLC and SunTrust Robinson Humphrey, Inc. are the co-managers.

Global Bondholder Services Corp. (866 470-3800 or 212 430-3774) is the information agent.

The company is a Littleton, Colo.-based provider of managed data, internet and voice networking solutions to businesses and large organizations.

© 2015 Prospect News.
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