Institutional Financial Markets, Inc. (NYSE AMEX: IFMI) (“IFMI”), a leading financial services company specializing in credit-related fixed income investments, today announced that it has commenced an offer to exchange (the “Exchange Offer”), at the election of each holder, any and all of its outstanding 7.625% Contingent Convertible Senior Notes due 2027 (the “Old Notes”). Under the terms and subject to the conditions of the Exchange Offer, for each validly tendered and accepted $1,000 principal amount of the Old Notes, an eligible holder will receive $1,000 principal amount of a new series of 10.50% Contingent Convertible Senior Notes due 2027 (the “New Notes”). IFMI will also pay in cash all accrued and unpaid interest on the Old Notes tendered and accepted in the Exchange Offer to, but not including, the settlement date, which is expected to be three (3) business days after the expiration date.
The purpose of the offer is to improve IFMI’s financial flexibility by extending the first date at which holders of the Old Notes can require IFMI to repurchase the Old Notes from May 15, 2012 to May 15, 2014.
The full terms of the Exchange Offer, including descriptions of the New Notes and the material differences between the New Notes and the Old Notes, and other information relating to the Exchange Offer and IFMI, are contained in the exchange offer circular (the “Exchange Offer Circular”) and the related letter of transmittal, each filed as an exhibit to the Schedule TO filed by IFMI with the Securities and Exchange Commission (the “SEC”) on June 20, 2011.
The Exchange Offer will expire at 5:00 p.m., New York City time, on Tuesday, July 19, 2011, (the “Expiration Date”) unless earlier terminated or extended by IFMI. Tendered Old Notes may be withdrawn at any time before 5:00 p.m., New York City time, on the Expiration Date. The completion of the Exchange Offer is subject to customary conditions described in the Exchange Offer Circular. Subject to applicable law, IFMI may in its sole discretion waive certain conditions applicable to the Exchange Offer and may extend, terminate or amend the Exchange Offer.
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