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The offering was made in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to persons outside the United States pursuant to Regulation S under the Securities Act. The Additional Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.
The Additional Notes form a part of the same series as the company's outstanding 12.625 percent Senior Secured Notes due 2014 issued on August 12. The aggregate principal amount of outstanding notes of this series, including the Additional Notes, is $260,000,000. The company said it intends to use the net proceeds of this offering for general corporate purposes.
The company said it also announced that on October 13, it amended its senior secured credit facility. The amendment permitted the sale of the Additional Notes and reduced the borrowing capacity from $20 million to $10 million, which will be further reduced by $5.5 million in December 2009 and will mature in March 2010. There are currently no amounts outstanding under the senior secured credit facility (except for letters of credit in the aggregate amount of $1.2 million).
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