StandardAero announced the early settlement of the previously announced cash tender offer and consent solicitation (the "Consent Solicitation" and, together with the Tender Offer, the "Offer") by its indirect parent, DAE Aviation Holdings, Inc. (the "Company"), with respect to any and all of its outstanding $300,000,000 aggregate principal amount of 11.25 percent Senior Notes due 2015.
According to a release, as of 5 p.m., New York City time, on February 3, (the "Consent Payment Deadline"), $245,093,000 aggregate principal amount of Notes had been validly tendered and not withdrawn, which represented approximately 81.70 percent of the outstanding aggregate principal amount of the Notes. On February 5, the Company accepted for purchase and payment all of the Notes that were validly tendered and not withdrawn on or prior to the Consent Payment Deadline. The Company used the net proceeds from a new debt financing to fund the payment of consideration and costs related to the Offer. Holders of Notes who tendered their Notes on or prior to the Consent Payment Deadline received $1,007.50 per $1,000 principal amount of the Notes validly tendered (which included the consent payment of $30.00 per $1,000 principal amount of the Notes), plus any accrued and unpaid interest from the most recent interest payment date for the Notes to, but not including, February 5. In addition, following receipt of the consent of the holders of at least a majority in aggregate principal amount of the outstanding Notes, on February 5, the Company executed a supplemental indenture to the indenture governing the Notes effecting certain amendments (which, among other modifications, eliminated substantially all of the restrictive covenants and certain events of default in the indenture governing the Notes).
On February 5, the Company also issued a notice of redemption for the $54,907,000 principal amount of Notes not accepted for purchase and payment by the Company pursuant to the Offer at a redemption price equal to 100 percent of the principal amount of such Notes, plus any accrued and unpaid interest from the most recent interest payment date for the Notes to, but not including, the redemption date. The redemption of the Notes will occur on March 7.
StandardAero is an independent provider of services including engine and airframe maintenance, repair and overhaul, engine component repair, engineering services, interior completions and paint applications. StandardAero serves a diverse array of customers in business and general aviation, airline, military, helicopter, components, energy and VIP completions markets. A Dubai Aerospace Enterprise (DAE) company, StandardAero provides a global service network of 13 primary facilities in the U.S., Canada, Europe, Singapore and Australia, along with an additional 50 sales and field service locations.
Dubai Aerospace Enterprise (DAE) Ltd is an aerospace company specializing in maintenance, repair and overhaul (MRO) services, aircraft completions and aircraft leasing.
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