Foundry JV Holdco LLC Announces Successful Completion of Consent Solicitation to Holders of its Outstanding Senior Secured Notes
Foundry JV Holdco has successfully completed its consent solicitation for amendments to the indentures governing its various Senior Secured Notes due between 2030 and 2038. The company received consents from holders of more than 50% of the aggregate principal amount of each series of Notes before the expiration on January 17, 2025.
The company will pay a Consent Fee of $1.00 per $1,000 in principal amount of Notes for consents delivered and accepted before the expiration time. The amendments will become operative upon satisfaction of conditions and payment of the consent fee. BNP Paribas Securities Corp. and Wells Fargo Securities, served as solicitation agents for the process.
Foundry JV Holdco ha completato con successo la sua richiesta di consenso per le modifiche agli indenti che regolano i vari Titoli Senior garantiti in scadenza tra il 2030 e il 2038. L'azienda ha ricevuto consensi da parte dei detentori di oltre il 50% dell'importo principale aggregato di ciascuna serie di Titoli prima della scadenza del 17 gennaio 2025.
L'azienda pagherà una commissione di consenso di $1,00 per ogni $1.000 di importo principale dei Titoli per i consensi inviati e accettati prima del termine. Le modifiche diventeranno operative al soddisfacimento delle condizioni e al pagamento della commissione di consenso. BNP Paribas Securities Corp. e Wells Fargo Securities hanno funzionato come agenti di sollecitazione per il processo.
Foundry JV Holdco ha completado con éxito su solicitud de consentimiento para enmiendas a los contratos que rigen sus varios Bonos Senior Garantizados con vencimiento entre 2030 y 2038. La empresa recibió consentimientos de los tenedores de más del 50% del monto principal agregado de cada serie de Bonos antes de la fecha de vencimiento del 17 de enero de 2025.
La empresa pagará una tarifa de consentimiento de $1.00 por cada $1,000 en monto principal de Bonos por los consentimientos entregados y aceptados antes del tiempo de expiración. Las enmiendas entrarán en vigor al cumplirse las condiciones y el pago de la tarifa de consentimiento. BNP Paribas Securities Corp. y Wells Fargo Securities sirvieron como agentes de solicitud para el proceso.
Foundry JV Holdco는 2030년과 2038년 사이 만기되는 여러 연장담보 신규 노트의 계약에 대한 수정 요청을 성공적으로 완료했습니다. 회사는 2025년 1월 17일 만료 전에 각 노트 시리즈의 총 원금의 50% 이상에 대해 보유자들의 동의를 받았습니다.
회사는 만료 시간 이전에 제출되고 수락된 동의서에 대해 노트 원금 $1,000당 $1.00의 동의 수수료를 지급할 예정입니다. 수정안은 조건을 충족하고 동의 수수료가 지급된 후 시행됩니다. BNP Paribas Securities Corp.와 Wells Fargo Securities는 이 과정의 요청 에이전트로 활동했습니다.
Foundry JV Holdco a réussi à finaliser sa demande de consentement pour des modifications aux contrats régissant ses diverses Obligations Senior Sécurisées arrivant à échéance entre 2030 et 2038. La société a reçu des consentements de la part des détenteurs de plus de 50% du montant principal total de chaque série d'Obligations avant l'expiration le 17 janvier 2025.
La société paiera une frais de consentement de 1,00 $ par 1 000 $ en montant principal pour les consentements livrés et acceptés avant le délai. Les amendements entreront en vigueur après satisfaction des conditions et paiement des frais de consentement. BNP Paribas Securities Corp. et Wells Fargo Securities ont servi d'agents de sollicitation pour le processus.
Foundry JV Holdco hat erfolgreich seine Zustimmungseinholung für Änderungen der Verträge abgeschlossen, die mehrere Senior Secured Notes betreffen, die zwischen 2030 und 2038 fällig werden. Das Unternehmen erhielt Zustimmungen von Inhabern von mehr als 50% des aggregierten Nennbetrags jeder Anleihe-Serie, bevor die Frist am 17. Januar 2025 abläuft.
Das Unternehmen wird eine Zustimmungsgebühr von $1,00 pro $1.000 Nennbetrag der Anleihen für vor Ablauf übermittelten und akzeptierten Zustimmungen zahlen. Die Änderungen werden wirksam, sobald die Bedingungen erfüllt sind und die Zustimmungsgebühr gezahlt wurde. BNP Paribas Securities Corp. und Wells Fargo Securities fungierten als Solicitation Agents für den Prozess.
- Successfully obtained majority consent (>50%) for amendments to all note series
- Minimal consent fee of $1 per $1,000 principal amount
- None.
Insights
The successful completion of this consent solicitation represents a strategic move in Foundry JV Holdco's debt management. The company has secured approval from holders of over 50% of each series of senior secured notes to modify their indentures, spanning maturities from 2030 to 2038. The nominal consent fee of
The various interest rates on these notes, ranging from
For investors, this development signals proactive liability management, though the true impact will depend on the nature of the amendments once operationalized. The high consent rate suggests alignment between the company's objectives and noteholder interests, potentially indicating favorable terms for both parties.
The execution of supplemental indentures following the consent solicitation marks a significant legal restructuring of Foundry JV Holdco's debt obligations. The two-step process - where amendments become effective upon execution but only operative upon meeting conditions and payment - is a standard protective mechanism in consent solicitations. This structure ensures legal certainty while protecting noteholder interests.
The concurrent amendment to the April 2023 Note Purchase Agreement, as modified in April 2024, suggests a comprehensive approach to debt document alignment. The involvement of Wilmington Trust as trustee and the careful specification of voting exclusions for company-held notes demonstrate proper governance and compliance with Trust Indenture Act requirements. The explicit disclaimer regarding offers and solicitations reflects careful securities law compliance, particularly important given the multiple note series involved.
In connection with the Consent Solicitation, the Company has received the consents of holders of more than
The supplemental indentures to the Indentures became effective upon the execution of each supplemental indenture. The Proposed Amendments will become operative upon satisfaction or waiver of the conditions (the "Conditions") outlined in the Consent Solicitation Statement and the cash payment by the Company of
BNP Paribas Securities Corp. ("BNP Paribas") and Wells Fargo Securities, LLC ("Wells Fargo Securities") served as solicitation agents in connection with the Consent Solicitation. D.F. King & Co., Inc. served as the information agent and tabulation agent in connection with the Consent Solicitation. Questions regarding the terms of the Consent Solicitation may be directed to BNP Paribas at (212) 841-3059 and (888) 210-4358 (toll free) and Wells Fargo Securities at (704) 410-4235 and (866) 309-6316 (toll free), respectively.
This press release does not constitute an offer to sell or an offer to purchase, or a solicitation of an offer to purchase or sell, any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation, purchase or sale would be unlawful.
ABOUT FOUNDRY JV HOLDCO LLC
The Company, which is indirectly owned by Brookfield Infrastructure Partners L.P. (NYSE: BIP, TSX: BIP.UN), together with its institutional partners (collectively, "Brookfield Infrastructure"), was formed in connection with a partnership between Brookfield Infrastructure and Intel Corporation ("Intel") to jointly invest in Intel's previously announced manufacturing expansion at its Ocotillo campus in Chandler,
FORWARD LOOKING STATEMENTS
This news release may contain certain statements that are, or may be deemed to be, "forward-looking statements." All statements, other than statements of historical facts, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things: (i) statements regarding the Company and Arizona Fab, including statements regarding Arizona Fab's ability to issue dividends or make payments; (ii) statements regarding the financial condition of the Company and Arizona Fab; (iii) statements regarding any financing transactions or arrangements; (iv) statements regarding the construction timeline and status of the Fabs; (v) statements regarding any semiconductor wafer purchase, sale or other agreement to be entered into or performed substantially in the future, including the anticipated amount and timing of any revenues to be received therefrom, and statements regarding the amounts of total semiconductor wafer production capacities that are, or may become subject to such agreements; (vi) statements regarding counterparties to, or guarantors under, the Company's or Arizona Fab's contracts, including the Material Project Documents; (vii) statements regarding the Company's, Intel's or Arizona Fab's business strategy, strengths, business and operation plans or any other plans, forecasts, projections or objectives, including anticipated revenues and capital expenditures, any or all of which are subject to change; (viii) statements regarding legislative, governmental, regulatory, administrative or other public body actions, requirements, permits, investigations, proceedings or decisions; (ix) statements regarding the payment of the Consent Fee and the satisfaction or waiver of the Conditions; and (x) any other statements that relate to non-historical or future information.
These forward-looking statements are often identified by the use of terms and phrases such as "achieve," "anticipate," "believe," "contemplate," "develop," "estimate," "expect," "forecast," "plan," "potential," "project," "propose," "strategy" and similar terms and phrases, or by the use of future tense. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which are made and speak only as of the date of this Statement.
Our actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, we assume no obligation to update or revise these forward-looking statements or provide reasons why actual results may differ.
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SOURCE Foundry JV Holdco LLC
FAQ
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