Sorenson extends, tweaks price range in Dutch tender for PIK notes

By Wendy Van Sickle

Columbus, Ohio, Dec. 12 – Sorenson Holdings, LLC extended and made some other amendments to its modified Dutch auction cash tender offer for up to $95 million of its $193,862,326 of outstanding 13% PIK toggle notes due 2021 issued jointly with Sorenson Finance Corp., according to a news release.

The offer will now end at 5 p.m. ET on Dec. 27, pushed back from 5 p.m. ET on Dec. 18.

The company also raised the price range in which it will accept offers to $940 to $1,032.50 per $1,000 principal amount from $940 to $1,000 per $1,000 principal amount.

Additionally, Sorenson decreased the minimum bid increment to $2.50 per $1,000 principal amount from $10.00 per $1,000 principal amount.

Offers submitted without a price will be treated as if they were tendered at $940.

Sorenson will then set a clearing price that will allow it to buy the $95 million target amount and all accepted tenders will be purchased at that price.

Holders will also receive accrued interest up to but excluding the settlement date.

Funding for the tender will come from an intercompany loan to be made by indirect subsidiary Sorenson Communications, LLC.

The offer was announced on Nov. 17.

As of 5 p.m. ET on Dec. 12, Sorenson said it had not received any tenders under the offer.

D.F. King & Co., Inc. (212 269-5552 or 800 581-3783) is information and tender agent.

Sorensen is a Salt Lake City-based maker of communications products for the deaf and hard of hearing.

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