Liberty Mutual Group Inc. Modifies Terms of Previously Announced Cash Tender Offer
Liberty Mutual Group Inc. (“Liberty Mutual” or the “Company”) today announced that it is amending the terms of its previously announced cash tender offer (the “Tender Offer”) for its 10.75% Series C Junior Subordinated Notes (the “Notes”) (Cusip Nos. 53079EAR5 and U52932AL1).
The Company is extending the Early Tender Date deadline from 5:00 p.m., New York City time, on Monday, January 24, 2011 to 12:00 midnight, New York City time, on Friday, January 28, 2011, which extended date and time are the same as the current Expiration Date for the Tender Offer. As of 5:00 p.m., New York City time, on January 24, 2011, the Company had received tenders with respect to $211,915,000 in aggregate principal amount of the Notes. All other terms of the Tender Offer remain unchanged, including the withdrawal deadline which was 5:00 p.m., New York City time, on January 24, 2011.
Holders of Notes who validly tendered their Notes on or before the original Early Tender Date and whose Notes are accepted for purchase will receive the previously announced Full Tender Offer Consideration. As a result of the extension of the Early Tender Date deadline, holders of Notes validly tendered prior to the Expiration Date and accepted for purchase will also receive the previously announced Full Tender Offer Consideration. The Tender Offer is not subject to any minimum amount of tenders.
The complete terms and conditions of the Tender Offer are set forth in the Offer to Purchase and Letter of Transmittal, dated January 14, 2011, previously sent to holders of the Notes (in each case, as amended or supplemented including as amended by this press release). Holders are urged to read those documents carefully. Requests for documents may be directed to Global Bondholder Services, which is acting as the information agent for the Tender Offer, at (866) 795-2200 (toll-free).
In addition, the terms of the Company’s previously announced consent solicitation addressed to specified holders of the Company’s 7.500% Senior Notes due 2036 remain unchanged.
BofA Merrill Lynch and J.P. Morgan Securities LLC are acting as dealer managers for the Tender Offer. For additional information regarding the current terms of the Tender Offer, please contact: BofA Merrill Lynch at (888) 292-0070 (toll-free) or (980) 388-9217 (collect) or J.P. Morgan Securities LLC at (866) 834-4666 (toll free) or (212) 834-4811 (collect).
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER TO PURCHASE, A SOLICITATION OF AN OFFER TO PURCHASE OR A SOLICITATION OF CONSENT WITH RESPECT TO ANY SECURITIES. THE TENDER OFFER AND CONSENT SOLICITATION ARE BEING MADE SOLELY PURSUANT TO THE OFFER TO PURCHASE AND RELATED LETTER OF TRANSMITTAL, AND THE CONSENT SOLICITATION STATEMENT AND RELATED CONSENT LETTER, IN EACH CASE AS AMENDED OR SUPPLEMENTED, WHICH SET FORTH THE COMPLETE TERMS OF THE TENDER OFFER AND CONSENT SOLICITATION, AND WHICH HOLDERS OF THE SECURITIES SHOULD CAREFULLY READ PRIOR TO MAKING ANY DECISION.