EX-99.1 2 d209591dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

 

Proposed Terms as of May 16, 2016

New Money  

•       $75 million of new money 1.5 lien to be raised

New Exchange

Loans and Notes

 

•       Up to $180 million of 2nd lien exchange loans pursuant to terms below

 

•    Same terms as the existing 2nd lien except that the coupon will be PIK-toggle for the first three coupons (i.e. through November 2017)

 

•    10.75% PIK / 9% Cash interest rate

Unsecured Notes  

•       Exchange into new 2nd lien exchange loans at a ratio of 20 ($200 per $1,000 note)

 

•       1.5 bond points in cash (up to $13.5 million) ($15 per $1,000 note)

 

•       45% ownership of Company pro forma for the issuance, assuming 100% participation (69 shares per $1,000 note)

 

•       Offered to 100% of unsecured noteholders