GE Equipment Finance Funding, L.L.C/
PR Newswire
CHICAGO, Nov. 7, 2016
GE Equipment Finance Funding, L.L.C. Announces Amendment of Terms, Extension of Early Tender Date and Waiver of Condition For Tender of All Securities in the Cash Tender Offer for the 0.95% Class A-3 Notes, 1.44% Class A-4 Notes and 1.67% Class B Notes of GE Equipment Small Ticket, L.L.C., Series 2014-1
CHICAGO, Nov. 7, 2016 /PRNewswire/ — GE Equipment Finance Funding, L.L.C (the “Company”) announced today that, in lieu of the Company, GE Equipment Small Ticket, L.L.C., Series 2014-1 (the “Issuer”) will be the purchaser in the tender offer for the Issuer’s outstanding 0.95% Class A-3 Notes, 1.44% Class A-4 Notes and 1.67% Class B Notes (collectively, the “Securities”), as further specified in the table below. Additionally, the Early Tender Date has been extended to 11:59 P.M., New York City time on November 21, 2016. The terms and conditions of the tender offer are set forth in an Offer to Purchase dated October 24, 2016 and supplemented by the Supplement to Offer to Purchase dated November 7, 2016 and a related Letter of Transmittal. GE Equipment Finance Funding, L.L.C. and GE Equipment Small Ticket, L.L.C., Series 2014-1 are indirect wholly-owned subsidiaries of Wells Fargo Bank, N.A.
|
Title of Security |
CUSIP |
Outstanding Principal Amount(1) |
Legal Maturity Date |
Tender Offer |
Early Tender |
Total |
Total Consideration (Expressed as a Percentage of Par Amount Outstanding)(3)(4) (5) |
|
0.95% Class A-3 |
36163L AC4 |
$26,045,072.58 |
September 25, |
$133.6045441 |
None |
$133.6045441 |
100.030% |
|
1.44% Class A-4 |
36163L AD2 |
$42,000,000.00 |
October 25, 2021 |
$1,000 |
$3.09 |
$1,003.09 |
100.309% |
|
1.67% Class B Notes |
36163L AE0 |
$16,350,000.00 |
October 25, 2021 |
$1,000 |
$6.13 |
$1,006.13 |
100.613% |
|
(1) Outstanding Principal Amount reflects the expected outstanding principal amount of the Securities after giving effect to the distribution of principal on the October 2016 payment date. The original principal amount of the Class A-3 Notes at issuance was $195,000,000. The original principal amounts of the Class A-4 and Class B Notes at issuance were $42,000,000 and $16,350,000, respectively, and such securities have not commenced amortization as of the October 2016 payment date. |
|
(2) Per $1,000 original principal amount of Securities at the time of issuance, prior to amortization. The current amortized factor (i.e. the current outstanding principal amount of the Class A-3 Notes, divided by the original principal amount of the Class A-3 Notes at issuance) is: 0.1335644748. |
|
(3) Does not include accrued and unpaid interest that will be paid on the Securities accepted for purchase. |
|
(4) Expressed as a percentage of par amount outstanding per $1,000 principal amount of Securities outstanding. |
|
(5) If the Offer is extended past a payment date for the Securities, Holders will be paid the Tender Offer Consideration or Total Consideration, as applicable, for the tendered Securities less any principal paid on the Securities on or prior to the Expiration Date. |
The purchaser has waived the condition to the tender offer that all Securities must be tendered. Except as described above, all other terms of the tender offer as set forth in the Offer to Purchase shall remain in full force and effect, including, but not limited to, the Expiration Date of November 21, 2016. Any securities purchased in the tender offer will be retired on the settlement date for the tender offer.
The Company has retained Wells Fargo Securities, LLC to serve as the Dealer Manager for the tender offer. Questions regarding the tender offer can be directed to Wells Fargo Securities at (866) 309-6316 (toll free) or (704) 410-4760 (collect). The Company has also retained Global Bondholder Services Company as Depositary and Information Agent. Copies of the Offer to Purchase, the Supplement to the Offer to Purchase and Letter of Transmittal can be obtained from Global Bondholder Services at (866) 470-4200 (toll free) or (212) 430-3774 (collect).
This press release is not an offer to purchase or a solicitation of offers to sell any Securities, which may be made only pursuant to the terms of the Offer to Purchase and the Letter of Transmittal. The tender offer does not constitute an offer to purchase Securities in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such offer or solicitation under applicable securities or blue sky laws. None of the Company, the Information Agent, the Dealer Manager, the Depositary or the indenture trustee for the Securities is making any recommendation as to whether holders should tender Securities in the tender offer.
Information Regarding Forward Looking Statements:
The disclosures in this press release may include “forward looking statements” within the meaning of the federal securities laws concerning the proposed tender offer. The terms of, and the Company’s ability to complete, such tender offer will depend upon prevailing market conditions and other factors. The forward-looking statements are subject to these and other risks and uncertainties that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.
For more information, contact:
Media Inquiries:
Scott M. Johnstone
Head of Securitization, GE Equipment Finance Funding, L.L.C.
312-441-7222
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SOURCE GE Equipment Finance Funding, L.L.C
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