HoldCo CDO Opportunities begins tender offer for South Street notes

By Toni Weeks

San Luis Obispo, Calif., June 6 – HoldCo CDO Opportunities Fund Ltd. began a cash tender offer for certain outstanding notes of South Street CBO 1999-1 Ltd. and South Street CBO 1999-1 (Delaware) Corp., according to a company news release.

The offer applies to the company’s outstanding $12,968,867 of class A-2 notes due July 2011, $19,453,301 of class A-2L notes due July 2011 and $45.5 million of class A-3 notes due July 2011.

For each $1,000 outstanding principal amount, the company will pay $225.00 for the class A-2 notes, $50.00 for the class A-2L notes and $7.50 for the class A-3 notes. Those amounts include an early tender premium of $75.00 for the class A-2 notes, $30.00 for the class A-2L notes and $5.00 for the class A-3 notes for valid tenders received by 5 p.m. ET on June 13, the early tender deadline.

The offer will expire at 5 p.m. ET on July 7.

There are no withdrawal rights for the offering.

The company said it will pay the applicable purchase price and early tender premium, if applicable, “promptly” following the expiration date. Settlement may occur before that date at the company’s option.

The offer is conditioned upon the satisfaction or waiver of some conditions and, for the class A-3 notes, on limited offer terms.

The information agent and tender agent is BMC Group, Inc. (212 310-5922 or wouthstreet@bmcgroup.com).

© 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.