CA Acquisition gets required consents in tender for Capital Automotive's 6¾% notes

By Jennifer Chiou

New York, Nov. 22 - Capital Automotive REIT said CA Acquisition Corp. received tenders with consents from holders of all of Capital's $125 million principal amount of 6¾% monthly income notes due 2019.

The company said it will execute a supplemental indenture containing proposed amendments, including supplemental indenture amendments that will not be operative until CA Acquisition accepts validly tendered notes for payment.

On Nov. 16, the company announced it increased the consent payment to $2.30 per $25.00 principal amount from $2.00, increasing the total on offer to $26.30 per $25.00 principal amount from $26.00.

The consent deadline had been extended to 5 p.m. ET on Nov. 21 instead of 5 p.m. ET on Nov. 16.

The offer's expiration is 5 p.m. ET on Dec. 2.

The tender was announced on Nov. 3 as part of the acquisition of Capital Automotive REIT and its operating partnership by subsidiaries of Flag Fund V, LLC.

The offer was subject to consents from holders of a majority of the notes.

Wachovia Securities is dealer manager and solicitation agent (704 715-8341 or 866 309-6316). The depositary and information agent is Global Bondholder Services Corp. (212 430-3774 or 866 873-5600).

Capital Automotive is a McLean, Va., specialty finance company for automotive retail real estate.

© 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.