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Moto Finance tenders for £176 million 10¼% second-lien notes due 2017
By Marisa Wong
Madison, Wis., March 9 – Moto Finance plc said it has begun a tender offer to repurchase for cash any and all of its outstanding 10¼% second-lien notes due 2017 issued in an original principal amount of £176 million.
The company is offering to purchase the existing notes at 105.325.
Holders who tender their notes by 1 p.m. ET on March 17, the expiration of the offer, will receive the purchase price plus accrued interest up to but excluding the payment date, which is expected to be March 24.
Existing 10¼% notes may only be tendered in minimum principal amounts of £100,000 and £1,000 increments on top of that.
Holders who do not tender all of their existing notes should ensure that they retain a principal amount totaling at least £100,000.
Tenders may be withdrawn.
The company said it will redeem any outstanding notes not tendered and accepted for payment under the tender offer on April 9.
The tender offer is part of a refinancing transaction, under which the company expects to issue, on or prior to the payment date, new second-lien notes.
Proceeds of the new notes will be used, among other things, to fund the Regulation S tender offer and the redemption.
Deutsche Bank AG, London Branch (attn.: liability management group, +44 (0) 20754 78011, liability.management@db.com) is the dealer manager, and Lucid Issuer Services Ltd. (attn.: Paul Kamminga, +44 (0) 20 7704 0880, moto@lucid-is.com) is the tender agent.
Moto Finance is a subsidiary of Moto Hospitality Ltd., a Toddington, England-based operator of motorway service stations.
Moto Hospitality announced in a separate release on Monday that it plans to offer £175 million of Rule 144A and Regulation S second-lien notes due 2020.
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