Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers V > Headlines for Vonage Holdings Corp. > News item |
Vonage holders tender all 5% convertibles due 2010
By Angela McDaniels
Tacoma, Wash., Nov. 3 - Vonage Holdings Corp. said it received and accepted tenders for $253.46 million of its 5% senior unsecured convertible notes due 2010 during a tender offer that expired at noon ET on Nov. 3.
Holders will receive par plus accrued interest for the notes, according to a company news release.
The tender offer began July 30 and was originally scheduled to expire Aug. 27 before being extended several times.
The company made the offer in connection with the proposed refinancing of its debt. Vonage said the terms of the refinancing required it to tender for the roughly $253 million of notes, which had a scheduled put option on Dec. 16.
The company used proceeds from a new $130.3 million senior secured first-lien credit facility, $72 million senior secured second-lien credit facility and $18 million of new 20% convertible senior secured third-lien notes plus cash on hand to fund the offer.
The lenders under the first- and second-lien senior facilities and the purchasers of the new convertibles are Silver Point Finance, LLC, some of its affiliates, other third-party lenders and affiliates of Vonage.
Miller Buckfire & Co., LLC was dealer manager. D.F. King & Co., Inc. (212 269-5550 or 888 628-9011) was the information agent, and American Stock Transfer & Trust Co., LLC was the depositary.
Vonage is a Holmdel, N.J.-based provider of broadband telephone services.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.