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DFC extends exchange for 10˝% secured notes due 2020 until next Friday
By Susanna Moon
Chicago, July 29 – DFC Global Corp. said wholly owned subsidiary DFC Finance Corp. is giving holders more time to exchange their 10˝% senior secured notes due 2020.
The exchange will now continue until 5 p.m. ET on Aug. 5, extended from 5 p.m. ET on July 28. Settlement has been pushed back to Aug. 10 from Aug. 2.
Tendered notes may be withdrawn by the new offer expiration.
As of the previous deadline, holders had tendered for exchange $221,311,000 principal amount, or 27.66%, of the $800 million outstanding notes, according to a company update. Of that amount, about $196 million had been tendered by an affiliate of Lone Star Funds.
As announced June 27, the company is offering in exchange up to $800 million principal amount of DFC Finance’s newly issued 12% senior secured pay-in-kind toggle notes due 2020 plus additional new notes to be issued for accrued interest.
The total exchange value will be par for each $1,000 principal amount for notes tendered by the early deadline of 5 p.m. ET on July 15, extended from July 11.
Holders who tendered for exchange after the early deadline will receive $970 of new notes per $1,000 principal amount.
The company also will pay accrued interest.
For the new notes, DFC Finance may elect to pay up to 91.667% of the interest by increasing the principal amount of the outstanding new notes or by issuing additional new notes and will pay at least 8.333% of the interest entirely in cash, the release noted.
Holders must be qualified institutional buyers under Rule 144A or those defined as non-U.S. persons under Regulation S.
Global Bondholder Services Corp. (866 470-4500, 212 430-3774 or gbsc-usa.com/eligibility/DFC) is the information agent.
DFC is a non-bank provider of alternative financial services based in Malvern, Pa.
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