Stearns Holdings LLC and Stearns Co-Issuer Inc. disclosed the results of a cash tender offer to buy back up to $80.0 million of its outstanding 9.375% senior secured notes due 2020.
Pursuant to the tender offer, about $60.0 million, or 24% of the total principal amount outstanding, of the outstanding 9.375% notes were validly tendered at or prior to 11:59 p.m. ET on May 10.
The settlement date is expected to be May 14. The total cash payment to purchase the accepted notes on May 14 will be about $61.4 million.
All notes purchased pursuant to the tender offer will be canceled.