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| ROCK > SEC Filings for ROCK > Form 8-K on 1-Feb-2013 | All Recent SEC Filings |
1-Feb-2013
Entry into a Material Definitive Agreement, Termination of a Material
Indenture
On January 31, 2013, the Company and its subsidiaries which guarantee its senior bank debt (the "Guarantors") entered into an indenture (the "Indenture") with The Bank of New York Mellon Trust Company, N.A., as trustee (the "Trustee"), relating to the issuance by the Company of $210.0 million aggregate principal amount of 6.25% Senior Subordinated Notes due 2021 (the "Notes"). The initial purchasers of the Notes are J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., HSBC Securities (USA) Inc. and RBS Securities Inc. Certain of the initial purchasers and their affiliates have performed, and may in the future perform, for the Company and its affiliates, various commercial banking, investment banking, financial advisory and other services, for which they have received and may in the future receive customary compensation and expense reimbursement. The Notes were sold in a private transaction exempt from the registration requirements of the Securities Act of 1933 (the "Securities Act"), have not been registered under the Securities Act, and unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.
The Notes bear an interest rate of 6.25% per annum and will be payable semi-annually in arrears on February 1 and August 1 of each year, commencing August 1, 2013. The Notes will mature on February 1, 2021. The Notes are unsecured senior subordinated obligations of the Company and are guaranteed on an unsecured senior subordinated basis by the Guarantors. The Notes and the guarantees thereof are subordinate in right of payment to all of the existing and future senior indebtedness of the Company and the Guarantors.
The terms of the Notes are governed by the Indenture. The Indenture contains customary covenants that limit the Company's and the Guarantors' ability, among other things, to incur additional indebtedness, guarantee indebtedness, pay dividends or make other distributions or repurchase or redeem the Company's and the Guarantors' capital stock, prepay, redeem or repurchase certain debt, issue certain preferred stock or similar equity securities, make loans and investments, incur liens, sell assets, enter into transactions with affiliates, enter into agreements restricting our subsidiaries' ability to pay dividends, and consolidate, merge or sell substantially all of our assets. Upon the occurrence of a "change of control," as defined in the Indenture, the Company is required to make an offer to repurchase the Notes at 101% of the principal amount thereof, plus any accrued and unpaid interest, if any, to, but not including, the repurchase date.
The Company, at its option, may redeem the Notes, in whole or in part, at any time on or after February 1, 2017. The redemption prices will be 103.125%, and 101.563% of the principal amount thereof if the redemption occurs during the 12-month periods beginning February 1 of the years 2017 and 2018, respectively, and 100% of the principal amount thereof on and after February 1, 2019, in each case plus accrued and unpaid interest to the applicable redemption date. In addition, prior to February 1, 2016, the Company may redeem up to 35% of the aggregate principal amount of the Notes with the net cash proceeds of certain equity offerings by the Company at a redemption price of 106.250% of the principal amount thereof, plus accrued and unpaid interest to the redemption date.
The foregoing description of the Indenture is included to provide you with a summary of its provisions. It does not purport to be a complete description and is qualified in its entirety by reference to the full text of the Indenture, a copy of which is filed as Exhibit 4.1 hereto and is incorporated herein by reference.
Registration Rights Agreement
In connection with the issuance of the Notes, the Company also entered into a . . .
Satisfaction and Discharge of the Indenture governing the 8% Senior Subordinated Notes due 2015
Simultaneously with the closing of the sale of the Notes and execution of the Supplemental Indenture, the Company called for redemption all of the remaining 2015 Notes that were not purchased on the early acceptance date of the tender offer in accordance with the redemption provisions of the 2015 Notes Indenture. See Item 2.04 of this Current Report on Form 8-K for more information about the redemption. In connection with the redemption, the Company satisfied and discharged its obligations under the 2015 Notes Indenture in accordance with the satisfaction and discharge provisions of the 2015 Notes Indenture by depositing with the Trustee sufficient funds to pay the redemption price, plus accrued and unpaid interest on the remaining outstanding 2015 Notes. As a result of the satisfaction and discharge of the 2015 Notes Indenture, the Company has been released from its remaining obligations under the 2015 Notes Indenture and the 2015 Notes.
The disclosure under Item 1.01 of this Current Report on Form 8-K relating to the Indenture is incorporated herein by reference.
The information set forth in Item 1.02 above is incorporated by reference into this Item 2.04.
On January 31, 2013, the Company called for redemption, pursuant to the 2015 Notes Indenture, the remaining $60,890,000 principal amount of 2015 Notes that were not purchased on the early acceptance date of the tender offer for the 2015 Notes. The redemption date for the remaining 2015 Notes will be March 4, 2013 (the "Redemption Date"). The 2015 Notes will be redeemed at a redemption price of 101.333% of the principal amount thereof plus accrued and unpaid interest, in accordance with the provisions of the 2015 Notes Indenture.
On January 31, 2013, the Company issued a press release, a copy of which is attached hereto as Exhibit 99.1, announcing that it completed the private offering of Notes.
On January 31, 2013, the Company issued a press release, a copy of which is attached hereto as Exhibit 99.2, announcing the early acceptance of tenders pursuant to the Company's tender offer to purchase for cash any and all of its $204 million in aggregate principal amount of outstanding 2015 Notes.
(a) Financial Statements of Business Acquired: Not applicable
(b) Pro Forma Financial Information: Not applicable
(c) Shell Company Transactions: Not applicable
(d) Exhibits:
4.1 Indenture relative to the Company's 6.25% Notes due 2021, dated as of
January 31, 2013, among the Company, the Guarantors and the Trustee.
4.2 Supplemental Indenture relative to the Company's 8% Notes due 2015, dated
as of January 31, 2013, among the Company, the guarantors party thereto
and the Trustee.
10.1 Registration Rights Agreement, dated as of January 31, 2013, among the
Company, the Guarantors and J.P. Morgan Securities LLC., KeyBanc Capital
Markets Inc., HSBC Securities (USA) Inc. and RBS Securities Inc., as
initial purchasers of the Notes.
99.1 Press Release, dated January 31, 2013.
99.2 Press Release, dated January 31, 2013.
[Remainder of page intentionally left blank;
signature on following page.]
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