The Company issued $692 million aggregate principal amount of 11.5% Senior Notes due 2010 as well as paid $46 million of cash consideration in exchange for the 2008 Notes tendered in the transactions.
The Company also paid approximately $13 million in cash for total accrued interest on the 2008 Notes that had been accepted for exchange to the closing date and $5 million in transaction costs.
The Borrower shall fail to pay when due the principal of this Note or any of the June 2008 Notes.
The Borrower shall fail to pay when due the interest on this Note or any of the June 2008 Notes and such failure shall have continued for a period of three Business Days; provided, however, that for the avoidance of doubt, any accrual of interest permitted under this Note or any of the June 2008 Notes (in lieu of payment thereof) shall not constitute an Event of Default.
Any principal so reduced shall be so reduced proportionally for all holders of the June 2008 Notes.
More definitions of 2008 Notes
2008 Notes means those certain Notes issued under and pursuant to the 2008 Note Purchase Agreements, as amended and restated.
2008 Notes means those certain Senior Subordinated Notes in the aggregate principal amount of $10,500,000 issued by the Company in accordance with the Company’s confidential private placement memorandum dated December 9, 2008 and pursuant to the terms and conditions of related Securities Purchase Agreements previously provided to the Holder.
2008 Notes means (a) the 6.28% Senior Notes, Series A, due June 26, 2015 in the original principal amount of $205,000,000 and (b) the 6.72% Senior Notes, Series B, due June 26, 2018 in the original principal amount of $145,000,000 issued under and pursuant to the 2008 Note Agreement.