HoldCo CDO Opportunities Fund Limited (i) Announces Amendment to Cash Tender Offer for Certain Outstanding Notes of SKM-Libertyview CBO I Limited and SKM-Libertyview CBO I Corp. and (ii) Commences Cash Tender Offer for Certain Additional Outstanding Notes of SKM-Libertyview CBO I Limited and SKM-Libertyview CBO I Corp.
NEW YORK, June 3, 2014 /PRNewswire/ -- HoldCo CDO Opportunities Fund Limited (the "Offeror") today announced that it has amended its tender offer to purchase for cash (the "Offer") all of the outstanding Class C Fixed Rate Notes Due April 2011 and certain of the Class D Notes Due April 2011 (together with the Remaining D Notes (as defined below), the "Notes") of SKM-Libertyview CBO I Limited and SKM-Libertyview CBO I Corp. The Offer is being made pursuant to an offer to purchase and related letter of transmittal, each dated May 23, 2014 and amended on June 3, 2014.
The Offer has been amended to (i) extend the deadline for Holders to validly tender their Notes in order to receive the early tender premium from 5:00 P.M. on May 30, 2014 to 5:00 P.M. on June 13, 2014, (ii) extend the Expiration Time from 5:00 P.M. on June 23, 2014 to 5:00 P.M. on July 7, 2014, (iii) increase the purchase price per $1,000 outstanding principal amount of the Class C Fixed Rate Notes Due April 2011 from $965.00 to $987.50, in each case without any interest, and (iv) decrease the early tender premium per $1,000 outstanding principal amount of the Class C Fixed Rate Notes Due April 2011 from $20.00 to $7.50. All other terms and conditions of the Offer remain unchanged.
As of June 2, 2014, (A) none of the outstanding Class C Fixed Rate Notes Due April 2011 had been validly tendered, and (B) $1,000,000 (or 5.4%) of the outstanding Class D Notes Due April 2011 had been validly tendered.
In addition, the Offeror today announced that it has commenced a tender offer to purchase for cash (the "Additional Offer") the remaining Class D Notes Due April 2011 (the "Remaining D Notes") of the Co-Issuers that were not originally included in the Offer described above. The Offer is being made pursuant to a separate Offer to Purchase and related Letter of Transmittal, each dated June 3, 2014.
The table below shows the Remaining D Notes included in the Additional Offer, as well as the applicable purchase price and early tender premium (as applicable) for each $1,000 of outstanding principal amount of the Remaining D Notes, and does not include accrued interest. The purchase price and early tender premium for the Remaining D Notes is the same as was offered for the Class D Note Due April 2011 that were included in the initial Offer.
Notes |
CUSIP(s) |
Original Principal Amount |
Outstanding Principal Amount |
Purchase Price |
Early Tender Premium |
||||||
Class D Notes Due April 2011 |
78440MAB1 |
$ 2,000,000 |
$4,242,374 |
Per $1,000 Outstanding Principal Amount: $23.57 |
Per $1,000 Outstanding Principal Amount: $11.79 |
||||||
Per $1,000 Original Principal Amount: $49.99 |
Per $1,000 Original Principal Amount: $25.01 |
||||||||||
(*) For additional detail regarding pricing, please see the Offer to Purchase for the Additional Offer, or contact the Information Agent/Tender Agent, BMC Group, Inc., at the contract information provided below.
The Additional Offer will expire at 5:00 p.m., New York City time, on July 2, 2014, unless extended. Please note that this expiration time is different from the expiration time of the other Offer. Upon the terms and subject to the conditions of the Additional Offer, the Offeror will pay the applicable Purchase Price and Early Tender Premium, if applicable on the "Payment Date," which will occur, at the latest, promptly following the expiration of the Additional Offer, but may occur before the Additional Offer expires. Holders of the Notes will only be eligible for the Early Tender Premium if they validly tender their Notes on or before 5:00 p.m., New York City time, on June 14, 2014.
There are no withdrawal rights under the terms of the Offer or the Additional Offer. The Offer and the Additional Offer are conditioned upon the satisfaction or waiver of certain conditions as described in the applicable Offers to Purchase for each of the Offer and the Additional Offer. The Offers to Purchase and the accompanying Letters of Transmittal for each of the Offer and the Additional Offer contain important information that should be read before any decision is made with respect to the Offer or the Additional Offer.
Neither the Offeror nor the Information Agent/Tender Agent makes any recommendation as to whether holders should tender Notes pursuant to the Offer or the Additional Offer. Each holder must make its own decision as to whether to tender its Notes and should consult its own attorneys, accountants and other advisors in respect of the transactions contemplated in connection with the Offer or the Additional Offer.
Questions regarding the Offer or the Additional Offer may be directed to BMC Group, Inc., the Information Agent/Tender Agent, at (212) 310-5922 or [email protected]. In addition, requests for assistance or for additional copies of the Offer to Purchase and the Letter of Transmittal may be directed to the Information Agent/Tender Agent, at the telephone number and email address set forth above.
This press release does not constitute an offer to purchase or a solicitation of an offer to sell Notes or other securities, nor shall there be any purchase of Notes in any state or jurisdiction in which such offer, solicitation or purchase would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
Forward-Looking Statements
Certain statements contained in this release are "forward-looking statements" and are prospective. These statements may be identified by their use of forward-looking terminology such as the words "expects," "projects," "believes," "anticipates," "intends" or other similar words. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations.
SOURCE HoldCo CDO Opportunities Fund Limited
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