Jerrold FinCo Reports on Pricing of the Senior Secured Notes Offering
The Notes will be guaranteed on a senior basis by the Company and all of its subsidiaries other than the Issuer and certain dormant and non-material subsidiaries (the "Subsidiary Guarantors" and, together with the Company, the "Guarantors"). The Notes and the guarantees will be secured by first-priority fixed and floating security interests granted on an equal and rateable first-priority basis over all of the issued capital stock in the Issuer and each Guarantors (other than the Company), substantially all of the existing and future property and assets of the Issuer and the Guarantors, and any additional security interests that may in the future be pledged to secure obligations under the Notes, the guarantees and the Indenture. Pursuant to the terms of the Intercreditor Agreement to be amended on or about the date on which the Notes are issued, any liabilities in respect of indebtedness incurred under the Revolving Credit Facility and certain related hedging obligations that are secured by assets that also secure the Company's or the Guarantors' obligations under the Notes or the Guarantees, as applicable, will receive priority with respect to any proceeds received upon any enforcement action over any such assets.
Concurrently with the offering of the Notes, the Issuer called for the redemption of all outstanding Existing Notes that are not repurchased in the Tender Offer (the "Redemption"). The Redemption is expected to take place on October 23, 2016, and is subject to the successful completion of the offering of the Notes.
On September 26, 2016, the Issuer launched a tender offer (the "Tender Offer") to purchase any and all of the outstanding Existing Notes validly tendered and accepted for purchase pursuant to the Tender Offer. The Tender Offer is expected to close on or about October 13, 2016 and is subject to the successful completion of the offering of the Notes.
Application has been made for the listing particulars related to the Notes to be approved by the Irish Stock Exchange and for the Notes to be admitted to the Official List of the Irish Stock Exchange and admitted to trading on its Global Exchange Market.
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