Top

Investors Retaining 11.5% of Good Sam Notes

  Print Print

April 12, 2013 by   Leave a Comment

Attempts by Good Sam Enterprises LLC to redeem their high-yielding notes have been turned back by investors who opted to keep them.

Woodall’s Campground Management reported that on March 12, the company offered to purchase up to $4.95 million in principal amount of its outstanding 11.50% senior secured notes due 2016. The offer to purchase was made by the company as an excess cash flow offer pursuant to the indenture dated as of Nov. 30, 2010, pursuant to which the notes were issued.

The offer to purchase expired on Wednesday (April 10). No holder elected to have its notes purchased prior to the expiration date, Good Sam announced in an 8-K filing with the Securities and Exchange Commission (SEC).

This is the second time in the past year that Good Sam has attempted to redeem a portion of the high-cost debt.

On July 31, 2012, the company completed an excess cash flow offer to purchase up to $4.95 million in principal amount of its senior secured notes but only $4,000 were tendered and were retired on Aug. 7, 2012.

On Nov. 30, 2010, the company issued $333 million of 11.5% senior secured notes due 2016. Interest on the notes is due each Dec. 1 and June 1. As of Dec. 31, 2012, an aggregate of $325.6 million of the notes remained outstanding.

[Slashdot] [Digg] [Reddit] [Facebook] [Google] [StumbleUpon]

Comments

Feel free to leave a comment...
and oh, if you want a pic to show with your comment, go get a gravatar!





*

Bottom