Hutchinson Tech (HTCH) Amends Senior Notes Exchange Offer, Terminates Rights Offering
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Hutchinson Technology Incorporated (Nasdaq: HTCH) has amended the terms of its previously announced exchange offer and tender offers relating to its 3.25% Convertible Subordinated Notes due 2026 ("Outstanding 3.25% Notes) and 8.50% Convertible Senior Notes due 2026 ("Outstanding 8.50% Notes") and has terminated its previously announced rights offering.
In order to facilitate the closing of the exchange and tender offers, the Company will fund the tender offers through a private placement (the "Private Placement") of 8.50% Senior Secured Second Lien Notes due 2017 (the "Private Notes") and warrants (each, a "Warrant") to purchase shares of the Company's common stock on a cashless basis to certain investors who previously executed support agreements for the exchange offer. As a result, participants in the exchange offer will no longer be able to exercise rights associated with the Outstanding 3.25% Notes.
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In order to facilitate the closing of the exchange and tender offers, the Company will fund the tender offers through a private placement (the "Private Placement") of 8.50% Senior Secured Second Lien Notes due 2017 (the "Private Notes") and warrants (each, a "Warrant") to purchase shares of the Company's common stock on a cashless basis to certain investors who previously executed support agreements for the exchange offer. As a result, participants in the exchange offer will no longer be able to exercise rights associated with the Outstanding 3.25% Notes.
For more color, click here.
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