Buffalo Thunder Development Authority Announces Closing Of Private Exchange Offer For Its 9 3/8% Senior Secured Notes Due 2014 And Related Consent Solicitation
SANTA FE, N.M., Dec. 9, 2014 /PRNewswire/ -- Buffalo Thunder Development Authority (the "Authority") announced today that it has closed its previously announced private exchange offer for any and all of its outstanding 9 ⅜% Senior Secured Notes due 2014 (the "Existing Notes") and related consent solicitation (the "Exchange Offer and Consent Solicitation"). As of the expiration date, which was 10:00 am, New York City time, Monday, December 8, 2014 (the "Expiration Date"), a total principal amount of $240,450,000, or approximately 98.14%, of Existing Notes were validly tendered and accepted by the Authority. As a result, the Authority issued a total of $112,177,124 in aggregate principal amount of 11% Senior Secured Notes due 2022 and $49,857,294 in aggregate principal amount of Residual Claim Certificates in exchange for Existing Notes validly tendered by the Expiration Date and accepted by the Authority. Upon the closing of the Exchange Offer and Consent Solicitation, $4,550,000 aggregate principal amount of Existing Notes remains outstanding.
The Authority also received the requisite consent from noteholders in the Exchange Offer and Consent Solicitation to, among other matters, make certain amendments to the indenture and related security documents for the Existing Notes. As a result of these amendments, most of the restrictive covenants and certain other related provisions (including certain events of default) in the indenture were eliminated or made less restrictive.
This press release does not constitute an offer to sell or purchase, or the solicitation of an offer to sell or purchase, or the solicitation of tenders or consents with respect to the Existing Notes or any other securities. The Exchange Offer and Consent Solicitation for the Existing Notes were made only by means of a private offering circular and related letter of transmittal and consent.
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SOURCE Buffalo Thunder Development Authority
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