Alphabet Inc. (NASDAQ:GOOGL) released that the connection with its before reported offers to exchange any and all validly tendered and agreed 3.625% Notes due 2021 and 3.375% Notes due 2024 issued by Google Inc., Alphabet’s wholly-owned subsidiary, according to official press release.
Shares of Alphabet Inc. eased down -0.09% to traded at $759.47. The firm has price volatility of 1.41% for a week and 1.41% for a month. Its beta stands at 0.93 times.
For new notes to be issued by Alphabet, and the related solicitations of consents to amend the indenture governing the Google Notes, it has attain the requisite number of consents to adopt certain amendments to the indentures governing the Google Notes, subject to each holder’s right to withdraw before tendered Google Notes.
Based upon substantial participation to date and amendments contemplated in exchange offers, Alphabet is allowing additional time for investors to take part on the same terms. As 79% of bondholders, who have already agreed to exchange by extending the early consent deadline, to receive Early Participation Premium to 11:59 p.m., New York City time, on April 25, 2016, similar time as Expiration Date for the Exchange Offers and Consent Solicitations, unless either of them are additional extended.
Except as described in this press release relating to extension of early consent deadline, no changes have been made to the terms and conditions of the Exchange Offers and Consent Solicitations. That are set forth in the Registration Statement on Form S-4, which was filed with the Securities and Exchange Commission on February 12, 2016, was amended by Amendment No. 1 to the Registration Statement on March 29, 2016 and was reported effective by the SEC on April 7, 2016.
The firm reported that tendered Google Notes may be validly withdrawn, and related consents may be revoked, at any time previous to Expiration Date and Alphabet may withdraw, amend, or, if a condition to Exchange Offers and Consent Solicitations is not satisfied or, where permitted, waived, terminate Exchange Offers and Consent Solicitations at any time, subject to applicable law.
The consideration for each $1,000 principal amount of Google Notes validly tendered at or previous to the Expiration Date and not validly withdrawn will be $1,000 principal amount of Alphabet Notes and a cash amount of $2.50, which comprises an early participation premium of $30 principal amount of Alphabet Notes of the applicable series.