JACKSONVILLE, Fla., March 27, 2017 /PRNewswire/ -- Black Knight Financial Services, Inc. (NYSE: BKFS) ("Black Knight") today announced that its indirect subsidiaries, Black Knight InfoServ, LLC and Black Knight Lending Solutions, Inc. (together, the "Issuers") have delivered a conditional notice of redemption to holders of their outstanding 5.75% Senior Notes due 2023 (the "Notes") subject to the satisfaction of the Condition (as defined below). The redemption of the Notes is expected to occur on April 26, 2017 (the "Redemption Date").
Subject to the satisfaction of the Condition, the Issuers intend to redeem the Notes at a price equal to 100% of the principal amount of the Notes redeemed, plus the Applicable Premium (as defined below), plus accrued and unpaid interest, if any, to the Redemption Date (the "Redemption Price"). The aggregate principal amount outstanding of the Notes is $390.0 million. The "Applicable Premium" will be the greater of (1) 1.0% of the principal amount of the Notes redeemed on the Redemption Date, and (2) the excess, if any, of (i) the present value at the Redemption Date of (a) the redemption price of 102.875% of the principal amount of the Notes redeemed on the Redemption Date, plus (b) all required remaining scheduled interest payments due on such Notes through October 15, 2017 (excluding accrued but unpaid interest to, but excluding, the Redemption Date), computed using a discount rate equal to the Treasury Rate as of such Redemption Date, plus 50 basis points, over (ii) the principal amount of the Notes redeemed on the Redemption Date. The redemption of the Notes is subject to and conditioned upon the Issuers' ability to secure third-party financing sufficient to make the payment of the Redemption Price (the "Condition").
From the Redemption Date forward, the Notes will no longer be deemed outstanding, interest will no longer accrue and holders will have no rights other than the right to receive the Redemption Price, without additional accrued interest, upon surrender of the Notes. Payment of the Redemption Price will be made only upon presentation and surrender of the Notes to U.S. Bank National Association as trustee and paying agent, at the address specified in the Conditional Notice of Redemption. Questions regarding the Conditional Notice of Redemption should be directed to U.S. Bank National Association at (800) 934-6802.
This press release is for informational purposes only and does not constitute a notice of redemption, nor an offer to tender for, or purchase, any Notes or any other security. There can be no assurances that the conditions precedent to the redemption will be satisfied or that the redemption will occur.
Forward-Looking Statements This communication contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on Black Knight management's beliefs, as well as assumptions made by, and information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. Black Knight undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties that forward-looking statements are subject to include, but are not limited to: our ability to achieve the Condition and to successfully redeem the Notes as described above; and other risks and uncertainties detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of our Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.
About Black Knight Financial Services, Inc. Black Knight Financial Services, Inc. (NYSE: BKFS) is a leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle.
Black Knight is committed to being a premier business partner that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership. For more information on Black Knight, please visit www.bkfs.com.