Moy Park (Bondco) Plc Announces Early Results of Tender Offer and Consent Solicitation for Its 6.25% Senior Notes Due 2021
The Issuer has been advised that as of the Consent Payment Deadline £233,138,000 in aggregate principal amount of the Notes, representing 78.02% of the outstanding Notes have been validly tendered pursuant to the Tender Offer and consented pursuant to the Consent Solicitation.
The Issuer has elected to exercise the Early Purchase Option, and expects the Early Payment Date to be on or around
Holders of Notes who have validly tendered their Notes at or prior to the Consent Payment Deadline are eligible to receive the Total Consideration described in the Offer to Purchase, which includes a consent payment of £30.00 per £1,000 principal amount of Notes (the “Consent Payment”), plus accrued and unpaid interest from the most recent interest payment date to, but not including the Early Payment Date.
The Issuer intends to execute a supplemental indenture (the “Supplemental Indenture”) to the indenture governing the Notes (the “Indenture”), which will eliminate substantially all of the restrictive covenants, as well as various events of default and related provisions contained in the Indenture. Adoption of the proposed amendments (the “Proposed Amendments”) to the Indenture requires consents of holders of a majority in aggregate principal amount of the Notes outstanding. The Issuer has obtained the required consents for the Proposed Amendments to the Indenture. The Supplemental Indenture will become operative on the Early Payment Date. Any Notes not tendered and purchased pursuant to the Tender Offer will remain outstanding and will be governed by the terms of the Indenture, as amended by the Supplemental Indenture.
Holders of Notes who have not yet tendered their Notes have until
The terms and conditions of the Tender Offer and the Consent Solicitation, as well as the Proposed Amendments, are described in the Offer to Purchase and Consent Solicitation Statement dated
Following the consummation of the Tender Offer and subject to the satisfaction of a financing condition as described in the Offer to Purchase, we currently intend to redeem any Notes that remain outstanding on or after
The obligation of the Issuer to purchase Notes in the Tender Offer is conditioned on the satisfaction or waiver of certain conditions described in the Offer to Purchase, including a financing condition as described in the Offer to Purchase. The Issuer has the right, in its sole discretion, to amend or terminate the Tender Offer or the Consent Solicitation at any time.
Copies of the Offer to Purchase are available to holders of Notes, subject to eligibility confirmation and registration, via the Offer Website (https://sites.dfkingltd.com/moypark) or from
The Issuer reserves the right, in its sole discretion, not to accept any tenders of Notes or deliveries of consents for any reason. The Issuer is making the Tender Offer and the Consent Solicitation only in those jurisdictions where it is legal to do so.
Neither the Offer to Purchase nor any related documents have been filed with the
This announcement is not an offer to purchase, a solicitation of an offer to purchase or a solicitation of consents. The Tender Offer and the Consent Solicitation are being made solely by the Issuer pursuant to the Offer to Purchase. The Tender Offer and the Consent Solicitation are not being made to, nor will the Issuer accept tenders of Notes and deliveries of consents from, holders in any jurisdiction in which the Tender Offer and the Consent Solicitation or the acceptance thereof would not be in compliance with the securities or blue sky laws of such jurisdiction.
Important Notice Regarding Forward-Looking Statements
This press release contains certain forward-looking statements. Statements that are not historical facts, including statements about our perspectives and expectations, are forward looking statements. The words “expect,” “believe,” “estimate,” “intend,” “plan” and similar expressions, when related to
About Moy Park
Moy Park is one of the top-fifteen food companies in the
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