This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Dycom Announces Early Settlement Of Cash Tender Offer And Receipt Of Requisite Consents In Consent Solicitation For Dycom Investments Inc.'s 8.125% Senior Subordinated Notes Due 2015

PALM BEACH GARDENS, Fla., Jan. 21, 2011 /PRNewswire/ -- Dycom Industries, Inc. ("Dycom") (NYSE: DY) today announced the results of the early settlement of the cash tender offer by its wholly-owned subsidiary, Dycom Investments, Inc. ("Dycom Investments"), to purchase any and all of its $135.35 million in aggregate principal amount of outstanding 8.125% Senior Subordinated Notes due 2015 (CUSIP 267482 AC 1) (the "Notes") and the related consent solicitation.

As of 5:00 p.m., New York City time, on January 20, 2011, the consent deadline and the withdrawal date, Dycom Investments had received tenders in respect of $86,960,000 aggregate principal amount of the Notes, all of which have been accepted for purchase by Dycom Investments.  The holders of the accepted Notes will receive total consideration of $1,043.13 per $1,000 principal amount of Notes tendered, which includes a $20 consent payment per $1,000 principal amount of Notes tendered.  The total cash payment to purchase the Notes tendered through January 20, 2011, including accrued and unpaid interest up to, but excluding, January 21, 2011, will be approximately $92.6 million.

Tendering holders also delivered the requisite consents to the adoption of certain proposed amendments to the indenture governing the Notes. Consents authorizing entry into a supplemental indenture containing the proposed amendments were obtained from a majority in aggregate principal amount of the Notes. Accordingly, the supplemental indenture has been executed and will become operative.  The supplemental indenture eliminated substantially all of the restrictive covenants, certain affirmative covenants, certain events of default and substantially all of the restrictions on the ability of Dycom, Dycom Investments and certain of their respective subsidiaries to merge, consolidate or sell all or substantially all of their properties or assets contained in the indenture governing the Notes.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs