Tervita Corporation Announces Closing of its Offering of Senior Second Lien Secured Notes
CALGARY, AB – Tervita Corporation (“Tervita” or the “Company”) (TSX: TEV) today announced that it has successfully closed its previously announced private offering (the “Offering”) of US$500.0 million aggregate principal amount of 11% senior second lien secured notes due 2025 (the “Notes”) and the amendment and restatement of its revolving credit facility.
The net proceeds of the Offering, together with a combination of cash on hand and available borrowings under its revolving credit facility, which was amended and restated concurrently with the Offering, were utilized to repurchase or redeem any and all of its US$590 million aggregate principal amount of 7.625% senior secured notes due 2021 (the “Existing Notes”) pursuant to the Company’s previously announced cash tender offer for the Existing Notes and to redeem any Existing Notes outstanding on December 9, 2020 (“Redemption Date”) at a redemption price of 100.000% of the principal amount redeemed plus accrued and unpaid interest thereon to, but not including, the Redemption Date.
The securities mentioned herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and are being offered and sold in the United States only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act and to certain non-U.S. persons in transactions outside the United States in reliance on Regulation S under the Securities Act. The securities mentioned herein have not been and will not be qualified for distribution by prospectus under Canadian securities laws and are being offered and sold in the United States, Canada and other countries only pursuant to an exemption from the prospectus requirements of Canadian securities laws.
This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, or the solicitation of tenders or consents with respect to any security, nor shall it or any part of it, or the fact of its release, form the basis of, or be relied on or in connection with, any contract therefor. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation or sale would be unlawful. The tender offer for the Existing Notes is made only by and pursuant to the terms of the Offer to Purchase in respect thereof.