Good Sam Enterprises LLC announced today (Feb. 22) the completion of an offer to purchase up to $7,425,000 in principal amount of the company’s outstanding 11.50% senior secured notes due 2016. The offer to purchase was made pursuant to the terms of the indenture governing the notes and expired at 5 p.m., (Eastern) on Feb. 17.
The amount tendered exceeded the maximum aggregate amount of the offer to purchase by $203,000. Therefore, the tendered notes have been accepted on a pro rata basis, such that the aggregate amount of the notes purchased does not exceed the aggregate amount of the offer to purchase. The notes will be purchased by Good Sam and retired on Feb. 27.
“We are pleased at the outcome of the offer to purchase and the corresponding debt reduction of the company,” said Marcus Lemonis, CEO of Good Sam.
On a pro forma basis, the retirement of the notes under this offer to purchase, in the amount of $7,422,000, will reduce annualized interest expense by $854,000.