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Sheridan Group holders give consents for 95.57% of 10¼% notes due 2011
By Susanna Moon
Chicago, March 10 - Sheridan Group Inc. said it received tenders and consents for $136.57 million principal amount, or 95.57%, of its $142.9 million 10¼% senior secured notes due 2011 as of 5 p.m. ET on March 9, the consent date.
The company said it received enough consents to amend the notes and that it intends to enter into a fourth supplemental indenture, which will eliminate substantially all of the restrictive covenants, some events of default and the security interest that holders have in the company's assets.
The fourth supplemental indenture will also shorten the minimum notice period for redemption of the notes to three days from 30 days.
The supplemental indenture will become operative on the purchase date.
Sheridan also said it plans to redeem any notes remaining after the offer at par plus accrued interest up to but not including the redemption date.
Those who tender by the consent deadline will receive $1,003.75 per $1,000 principal amount of notes, including a consent payment of $10.00. Sheridan will also pay accrued interest.
The company sought consents from holders of a majority of the notes.
Early settlement is expected to be March 17.
Holders may continue to tender notes until 11:59 p.m. ET on March 23. The offer began on Feb. 24.
Sheridan said that the offer and solicitation are in connection with its negotiation of a new credit facility, which will partially fund the tender.
Bank of America Merrill Lynch is the dealer manager and solicitation agent (888 292-0070 or call collect 980 388-9217). Global Bondholder Services Corp. is the information agent (866 873-7700 or call collect 212 430-3774).
Sheridan Group is a Hunt Valley, Md.-based print and publishing company.
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