Good Sam Enterprises Completes Note Purchase

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February 22, 2012 by   - () Leave a Comment

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 on Feb. 17, according to a news release.

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 the company and retired on Feb. 27.

"We are pleased at the outcome of the offer to purchase and the corresponding debt reduction of the company," stated Marcus Lemonis, CEO of Good Sam Enterprises LLC.

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.

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