FGL Holdings intends to exchange any and all of its outstanding warrants for a consideration of 0.11 of its ordinary shares and 98 cents in cash, without interest, apiece.
The warrants exchanged in the offer will be canceled.
FGL Holdings has 70,883,334 outstanding warrants to purchase its ordinary shares as of Sept. 5, according to a news release.
FGL Holdings Directors Chinh Chu and William Foley and sponsor group Blackstone Group LP will exchange all of the warrants they hold if at least 70% of the outstanding warrants, including theirs, are tendered. They collectively hold approximately 36.5% of the outstanding warrants.
Credit Suisse Securities (USA) LLC will serve as the financial adviser for the tender offer. Morrow Sodali LLC will act as the information agent. The depositary for the tender offer is Continental Stock Transfer & Trust Co.