Invited’s ClubCorp buys back $33.6 million of 8½% notes due 2025

By Marisa Wong

Los Angeles, April 11 – Invited, Inc.’s indirect wholly owned subsidiary ClubCorp Holdings Inc. announced that holders had tendered an additional $4 million of its 8½% senior notes due 2025 (Cusips: 210374AA2, U21007AA4) after the early tender time and at or prior to the expiration time of its tender offer launched March 13, according to a Thursday press release.

The company was offering to purchase up to $82,731,000 of the $109.88 million outstanding 2025 notes.

On March 28, the company had purchased $29.6 million of notes that were tendered by the early deadline.

In total, holders had tendered and the company accepted for purchase $33.6 million, or about 30.6%, of the outstanding notes.

The cash total consideration offered is $950 per $1,000 note, inclusive of a $30 early tender premium that will be paid only to noteholders who tendered by the early deadline.

Interest will also be paid.

The early tender deadline was 5 p.m. ET on March 26.

The offer expired at 5 p.m. ET on April 10.

Final settlement will be on April 15.

Global Bondholder Services Corp. is the tender and information agent (212 430-3774, 855 654-2014, contact@gbsc-usa.com).

Apollo Global Securities, LLC is the dealer manager (929 923-2741, 914 908-0264).

ClubCorp is a Dallas-based owner and operator of private golf and country clubs and business, sports and alumni clubs.

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