Baffinland Announces Offer To Purchase For Cash And Consent Solicitation For Its 12.00% Senior Secured Notes Due 2022
Baffinland Announces Offer To Purchase For Cash And Consent Solicitation For Its 12.00% Senior Secured Notes Due 2022 PR Newswire IQALUIT, Nunavut, June 6, 2018 IQALUIT, Nunavut , June 6, 2018 /PRNewswire/ — Baffinland Iron Mines Corporation (the “Company”) and Baffinland Iron Mines LP (together with the Company, the “Issuers”) announced today that they have commenced a cash tender offer to purchase any and all of the Issuers’ 12.00% Senior Secured Notes due 2022 (the “Notes”), having an aggregate outstanding principal amount of $350.0 million (the “Tender Offer”). In conjunction with the Tender Offer, the Issuers are also soliciting consents from the holders (the “Holders”) of the Notes (the “Consent Solicitation”) to amend the indenture governing the Notes to, among other things, (i) eliminate substantially all of the restrictive covenants, certain events of default and related provisions contained in the indenture governing the Notes (the “Proposed Covenant Amendments”) and (ii) release all of the collateral securing the Notes (the “Proposed Collateral Amendments”). The complete terms of the Tender Offer and Consent Solicitation are set forth in an Offer to Purchase and Consent Solicitation Statement, dated as of today (the “Statement”) and the related Consent and Letter of Transmittal (the “Consent and Letter of Transmittal”). […]