GE Equipment Finance Funding, L.L.C. Announces Cash Tender Offer for All of the 0.95% Class A-3 Notes, 1.44% Class A-4 Notes and 1.67% Class B Notes of GE Equipment Small Ticket, L.L.C., Series 2014-1
CHICAGO, Oct. 24, 2016 /PRNewswire/ -- GE Equipment Finance Funding, L.L.C. (the "Company") announced today that it has commenced a cash tender offer to purchase all of the outstanding 0.95% Class A-3 Notes, 1.44% Class A-4 Notes and 1.67% Class B Notes of GE Equipment Small Ticket, L.L.C., Series 2014-1 (collectively, the "Securities"), as further specified in the table below. The terms and conditions of the tender offer are set forth in an Offer to Purchase dated today and a related Letter of Transmittal. GE Equipment Finance Funding, L.L.C. and GE Equipment Small Ticket, L.L.C., Series 2014-1 are indirect wholly-owned subsidiaries of Wells Fargo Bank, N.A.
Title of Security |
CUSIP |
Outstanding Principal Amount(1) |
Legal Date |
Tender Offer |
Early |
Total |
Total |
0.95% Class A-3 |
36163L |
$26,045,072.58 |
September 25, |
$133.6045441 |
None |
$133.6045441 |
100.030% |
1.44% Class A-4 Notes |
36163L AD2 |
$42,000,000.00 |
October 25, 2021 |
$1,000 |
$3.09 |
$1,003.09 |
100.309% |
1.67% Class B Notes |
36163L AE0 |
$16,350,000.00 |
October 25, 2021 |
$1,000 |
$6.13 |
$1,006.13 |
100.613% |
(1) Outstanding Principal Amount reflects the expected outstanding principal amount of the Securities after giving effect to the distribution of principal on the October 2016 payment date. The original principal amount of the Class A-3 Notes at issuance was $195,000,000. The original principal amounts of the Class A-4 and Class B Notes at issuance were $42,000,000 and $16,350,000, respectively, and such securities have not commenced amortization as of the October 2016 payment date.
(2) Per $1,000 original principal amount of Securities at the time of issuance, prior to amortization. The current amortized factor (i.e. the current outstanding principal amount of the Class A-3 Notes, divided by the original principal amount of the Class A-3 Notes at issuance) is: 0.1335644748.
(3) Does not include accrued and unpaid interest that will be paid on the Securities accepted for purchase.
(4) Expressed as a percentage of par amount outstanding per $1,000 principal amount of Securities outstanding.
(5) If the Offer is extended past a payment date for the Securities, Holders will be paid the Tender Offer Consideration or Total Consideration, as applicable, for the tendered Securities less any principal paid on the Securities on or prior to the Expiration Date.
The tender offer is set to expire at 11:59 p.m. ET on November 21, 2016 (the "Expiration Date"), unless extended or earlier terminated. Holders of Class A-4 Notes and Class B Notes subject to the tender offer must validly tender their Securities on or before the "Early Tender Time," which is 5:00 p.m. ET, on November 4, 2016, unless extended, to be eligible to receive an Early Tender Premium. Holders of Class A-4 Notes and Class B Notes who validly tender their Securities after the Early Tender Time but at or prior to the Expiration Date will receive the Tender Offer Consideration, which is equal to the Total Consideration minus the applicable Early Tender Premium. No Early Tender Premium is offered for the Class A-3 Notes. Tenders of Securities may not be withdrawn.
The Total Consideration for each original $1,000 principal amount of Securities tendered and accepted for purchase pursuant to the tender offer will be determined in the manner described in the Offer to Purchase and as specified in the table above. Holders whose Securities are accepted for purchase pursuant to the tender offer will also receive accrued and unpaid interest on their purchased Securities from the last interest payment date for such Securities to, but not including, the Settlement Date. Subject to the terms and conditions of the tender offer, the Settlement Date will follow promptly after the Expiration Date and currently is expected to be November 23, 2016, unless the tender offer is extended or earlier terminated. If the tender offer is extended past a payment date for the Securities, Holders will be paid the applicable Total Consideration or Tender Offer Consideration, as applicable, for the tendered Securities less any principle paid on the Securities on or prior to the Expiration Date.
The tender offer may be amended, extended, terminated or withdrawn in whole or with respect to one or more class of Securities. The tender offer is conditioned upon all Securities being tendered and is subject to the satisfaction or waiver of certain other conditions.
The Company has retained Wells Fargo Securities, LLC to serve as the Dealer Manager for the tender offer. Questions regarding the tender offer can be directed to Wells Fargo Securities at (866) 309-6316 (toll free) or (704) 410-4760 (collect). The Company has also retained Global Bondholder Services Company as Depositary and Information Agent. Copies of the Offer to Purchase and Letter of Transmittal can be obtained from Global Bondholder Services at (866) 470-4200 (toll free) or (212) 430-3774 (collect).
This press release is not an offer to purchase or a solicitation of offers to sell any Securities, which may be made only pursuant to the terms of the Offer to Purchase and the Letter of Transmittal. The tender offer does not constitute an offer to purchase Securities in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such offer or solicitation under applicable securities or blue sky laws. None of the Company, the Information Agent, the Dealer Manager, the Depositary or the indenture trustee for the Securities is making any recommendation as to whether holders should tender Securities in the tender offer.
Information Regarding Forward Looking Statements:
The disclosures in this press release may include "forward looking statements" within the meaning of the federal securities laws concerning the proposed tender offer. The terms of, and the Company's ability to complete, such tender offer will depend upon prevailing market conditions and other factors. The forward-looking statements are subject to these and other risks and uncertainties that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.
For more information, contact:
Media Inquiries:
Scott M. Johnstone
Head of Securitization, GE Equipment Finance Funding, L.L.C.
312-441-7222
SOURCE GE Equipment Finance Funding, L.L.C
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