News & Notes

Bombardier Announces Closing of its New Issuance of Senior Notes due 2030

Retrieved on: 
Friday, November 17, 2023

MONTRÉAL, Nov. 17, 2023 (GLOBE NEWSWIRE) -- Bombardier Inc. (“Bombardier”) today announced that it has successfully closed its previously announced offering of US$750 million aggregate principal amount of Senior Notes due 2030 (the “New Notes”).

Key Points: 
  • MONTRÉAL, Nov. 17, 2023 (GLOBE NEWSWIRE) -- Bombardier Inc. (“Bombardier”) today announced that it has successfully closed its previously announced offering of US$750 million aggregate principal amount of Senior Notes due 2030 (the “New Notes”).
  • The New Notes carry a coupon of 8.750% per annum, mature on November 15, 2030 and were sold at 100.000% of par.
  • Bombardier intends to use the proceeds of the offering of the New Notes, together with cash on hand, (i) to fund the redemption of all of its outstanding 7.50% Senior Notes due 2025, (ii) to finance the offers to purchase up to $360 million aggregate purchase amount (exclusive of accrued and unpaid interest) of its outstanding 7.125% Senior Notes due 2026 and 7.875% Senior Notes due 2027, and/or for the repayment of other indebtedness, and (iii) for the payment of accrued interest and related fees and expenses.
  • The New Notes were offered and sold in Canada on a private placement basis only to “accredited investors” pursuant to certain prospectus exemptions.

Five Point Holdings, LLC Announces Commencement of Exchange Offer and Consent Solicitation

Retrieved on: 
Monday, December 11, 2023

Eligible Holders tendering their Existing Notes in the Exchange Offer must also deliver their Consent to the Proposed Amendments and Eligible Holders delivering their Consents with respect to the Solicitation must also tender their Existing Notes in the Exchange Offer.

Key Points: 
  • Eligible Holders tendering their Existing Notes in the Exchange Offer must also deliver their Consent to the Proposed Amendments and Eligible Holders delivering their Consents with respect to the Solicitation must also tender their Existing Notes in the Exchange Offer.
  • Interest will cease to accrue on the Settlement Date for all Existing Notes accepted for exchange in the Exchange Offer.
  • The Company will not receive any cash proceeds from the issuance of the New Notes in the Exchange Offer and the Solicitation.
  • Existing Notes surrendered in connection with the Exchange Offer, and accepted for exchange, will be cancelled.

Cazoo Updates Methodology for Settlement of Exchange Offer

Retrieved on: 
Wednesday, December 6, 2023

Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or “the Company”), the UK online used car retailer, which makes buying and selling a car as simple as ordering any other product online, announces an update to the methodology for settlement of the exchange of $630 million aggregate principal amount of 2.00% Convertible Senior Notes due 2027 (the “Convertible Notes”) for a pro rata portion of (1) $200 million aggregate principal amount of 4.00%/2.00% cash/payment-in-kind toggle senior secured notes due 2027 (the “New Notes”) and (2) Class A ordinary shares of Cazoo, which will represent 92% of the total Class A ordinary shares outstanding immediately after giving effect to the exchange offer (the “Exchange Offer”).

Key Points: 
  • Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or “the Company”), the UK online used car retailer, which makes buying and selling a car as simple as ordering any other product online, announces an update to the methodology for settlement of the exchange of $630 million aggregate principal amount of 2.00% Convertible Senior Notes due 2027 (the “Convertible Notes”) for a pro rata portion of (1) $200 million aggregate principal amount of 4.00%/2.00% cash/payment-in-kind toggle senior secured notes due 2027 (the “New Notes”) and (2) Class A ordinary shares of Cazoo, which will represent 92% of the total Class A ordinary shares outstanding immediately after giving effect to the exchange offer (the “Exchange Offer”).
  • In accordance with the Company’s updated methodology for settlement, each holder of Convertible Notes entitled to receive New Notes in a principal amount that is not a permitted denomination will receive a principal amount of the New Notes rounded to the nearest permitted denomination, rather than a principal amount of the New Notes rounded down to the nearest permitted denomination.
  • The New Notes will be issued in a minimum denomination of US$1,000 and integral multiples of US$1 in excess thereof.
  • The settlement of the Exchange Offer is expected to occur on December 6, 2023.

Selina Hospitality PLC Provides Update Regarding Fundraising and Liability Management Efforts

Retrieved on: 
Monday, December 4, 2023

Selina Hospitality PLC ("Selina" or the “Company”), (NASDAQ: SLNA), a leading lifestyle and experiential hospitality company catering to millennial and Gen Z travelers, today provides a business update regarding fundraising and liability management efforts, particularly relating to the Company’s $147.5 million principal amount of 6.00% convertible senior notes due 2026 (the “2026 Notes”), as announced via a Report on Form 6-K filed with the U.S. Securities and Exchange Commission on December 1, 2023 (the “6-K”).

Key Points: 
  • Selina Hospitality PLC ("Selina" or the “Company”), (NASDAQ: SLNA), a leading lifestyle and experiential hospitality company catering to millennial and Gen Z travelers, today provides a business update regarding fundraising and liability management efforts, particularly relating to the Company’s $147.5 million principal amount of 6.00% convertible senior notes due 2026 (the “2026 Notes”), as announced via a Report on Form 6-K filed with the U.S. Securities and Exchange Commission on December 1, 2023 (the “6-K”).
  • Osprey previously invested $15.6 million via convertible secured promissory notes entered into in June and July 2023, respectively (the “Initial Osprey Notes”).
  • The terms remain subject to finalization of the definitive documentation for the transactions.
  • There can be no assurances that the transactions will be successfully completed or that the Company will have sufficient liquidity to complete the transactions.

HF Sinclair Corporation and Holly Energy Partners, L.P. Announce Expiration and Final Results of Exchange Offers and Consent Solicitations for Outstanding Notes of the HEP Issuers

Retrieved on: 
Thursday, November 30, 2023

The settlement date of the Exchange Offers and Consent Solicitations (the “Settlement Date”) is expected to occur on or about December 4, 2023.

Key Points: 
  • The settlement date of the Exchange Offers and Consent Solicitations (the “Settlement Date”) is expected to occur on or about December 4, 2023.
  • Each series of New Notes will have substantially identical interest rate, interest payment dates, maturity date and redemption terms as the corresponding series of HEP Notes.
  • The complete terms and conditions of the Exchange Offers and Consent Solicitations are described in the Exchange Offer Memorandum.
  • Questions concerning the terms of the Exchange Offers or the Consent Solicitations should be directed to the lead dealer managers for the Exchange Offers and the solicitation agents for the Consent Solicitations:

HF Sinclair Corporation and Holly Energy Partners, L.P. Announce Results of Early Participation in Exchange Offers and Consent Solicitations for Outstanding Notes of the HEP Issuers and Extension of the Early Participation Exchange Consideration

Retrieved on: 
Tuesday, November 14, 2023

Eligible Holders (as defined below) may no longer withdraw tendered HEP Notes or revoke consents, except as required by applicable law.

Key Points: 
  • Eligible Holders (as defined below) may no longer withdraw tendered HEP Notes or revoke consents, except as required by applicable law.
  • Currently, this is the same time and date as the Expiration Date (as defined below) for the Exchange Offers and Consent Solicitations.
  • In addition, HF Sinclair may amend the terms of any Exchange Offer without amending the terms of any other Exchange Offer.
  • Questions concerning the terms of the Exchange Offers or the Consent Solicitations should be directed to the dealer managers for the Exchange Offers and the solicitation agents for the Consent Solicitations:

HF Sinclair Corporation and Holly Energy Partners, L.P. Announce Results of Early Participation in Exchange Offers and Consent Solicitations for Outstanding Notes of the HEP Issuers and Extension of the Early Participation Exchange Consideration

Retrieved on: 
Tuesday, November 14, 2023

Eligible Holders (as defined below) may no longer withdraw tendered HEP Notes or revoke consents, except as required by applicable law.

Key Points: 
  • Eligible Holders (as defined below) may no longer withdraw tendered HEP Notes or revoke consents, except as required by applicable law.
  • Currently, this is the same time and date as the Expiration Date (as defined below) for the Exchange Offers and Consent Solicitations.
  • In addition, HF Sinclair may amend the terms of any Exchange Offer without amending the terms of any other Exchange Offer.
  • Questions concerning the terms of the Exchange Offers or the Consent Solicitations should be directed to the dealer managers for the Exchange Offers and the solicitation agents for the Consent Solicitations:

SEE Announces Cash Tender Offer For Any and All 5.125% Senior Notes Due 2024

Retrieved on: 
Wednesday, November 8, 2023

Additionally, SEE intends, but is not obligated, to satisfy and discharge any outstanding Notes that are not tendered in the Tender Offer.

Key Points: 
  • Additionally, SEE intends, but is not obligated, to satisfy and discharge any outstanding Notes that are not tendered in the Tender Offer.
  • SEE is not soliciting consents from holders of securities in connection with the Tender Offer.
  • The Tender Offer is being made solely pursuant to the Offer Documents, which set forth the complete terms and conditions of the Tender Offer.
  • Holders must make their own decisions as to whether to tender their Notes and, if so, the principal amount of Notes to tender.

Target Hospitality Reports Impressive Third Quarter 2023 Results and Announces Contract Award for Pecos Humanitarian Community

Retrieved on: 
Wednesday, November 8, 2023

This was a critical step towards securing a long-term contract for Target's existing PCC ICF community.

Key Points: 
  • This was a critical step towards securing a long-term contract for Target's existing PCC ICF community.
  • On November 6, 2023, Target’s non-profit partner was awarded a contract for the continuation of critical humanitarian services being provided at Target’s PCC community.
  • The contract award solidifies PCC as the longest running purpose-built ICF in the United States and illustrates the importance of this highly customized and purpose-built humanitarian asset.
  • While final outcomes remain uncertain, Target remains pleased with the continued progress of ongoing discussions involving a number of these opportunities.

Bombardier Announces Pricing of its New Issuance of Senior Notes due 2030

Retrieved on: 
Tuesday, November 7, 2023

The new Senior Notes will carry a coupon of 8.750% per annum and will be sold at par (the “New Notes”).

Key Points: 
  • The new Senior Notes will carry a coupon of 8.750% per annum and will be sold at par (the “New Notes”).
  • The issuance of the New Notes is expected to close on or about November 17, 2023, subject to customary closing conditions.
  • This announcement does not constitute an offer to purchase or the solicitation of an offer to sell the New Notes, the 2025 Notes, the 2026 Notes or the 2027 Notes.
  • Any redemption of the 2025 Notes or any other notes will be made pursuant to a notice of redemption under the indentures governing such notes.