For further discussion of the Chapter 11 cases, see Note 16 - Emergence from Chapter 11 in our Notes to Consolidated Financial Statements.
Tender Offer & New Bond Offering
June 10, 2013, we launched a cash tender offer and consent solicitation with respect to any and all of our outstanding $455 millionaggregate principal amount of 7.875% Senior Notes due 2018 (the "Senior Notes") pursuant to our Offer to Purchase and Consent Solicitation Statement (the "Offer to Purchase"). The requisite consent solicitation is required to adopt proposed amendments to the indenture governing the Senior Notes (the "Indenture") that would eliminate substantially all of the restrictive covenants, certain events of default and related provisions contained in the Indenture. Subject to the terms and 39 --------------------------------------------------------------------------------
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conditions set forth in the Offer to Purchase, holders who validly tendered their notes on or prior to
June 21, 2013(the "Consent Date") were to receive the total consideration of $1,117.50per $1,000principal amount of Senior Notes accepted for purchase, which included a consent payment of $30per $1,000principal amount of Notes. As of July 5, 2013, holders of $348 millionor approximately 76.56% of the Senior Notes, had tendered their Senior Notes in the Offer and Solicitation and consented to the proposed amendments to the Indenture. On July 8, 2013, we amended the terms of the offer to extend the expiration date to July 19, 2013to meet the terms of the Financing Condition (as defined in the Offer to Purchase). Holders who validly tender their Senior Notes after the Consent Date but on or prior to July 19, 2013, would receive the tender offer consideration of $1,087.50per $1,000principal amount of Senior Notes accepted for purchase but were not entitled to the consent payment. As of July 19, 2013, additional holders of $6 millionor approximately 1.33% of Senior Notes, had tendered their Senior Notes in the Offer and Solicitation and consented to the proposed amendments to the Indenture. On July 18, 2013, we undertook a public offering of $450 millionof 5.75% Senior Notes due 2021 ("2021 Senior Notes"), for the purposes of funding the purchase under the terms of the Offer to Purchase all of the Senior Notes tendered, expenses related to the offering and a repayment of our senior secured term loan facility due 2016 (the "Term Loan"). On July 23, 2013the 2021 Senior Notes offering closed and the majority of the proceeds were used to complete the purchase of the Senior Notes tendered in response to the Offer to Purchase. With the purchase of the Senior Notes complete, the amendments to the Indenture that eliminate substantially all of the restrictive covenants, certain events of default and related provisions became effective.