Exhibit 99.1
Proposed Terms as of May 16, 2016 | ||
New Money | • $75 million of new money 1.5 lien to be raised | |
New Exchange Loans and Notes | • Up to $180 million of 2nd lien exchange loans pursuant to terms below
• Same terms as the existing 2nd lien except that the coupon will be PIK-toggle for the first three coupons (i.e. through November 2017)
• 10.75% PIK / 9% Cash interest rate | |
Unsecured Notes | • Exchange into new 2nd lien exchange loans at a ratio of 20 ($200 per $1,000 note)
• 1.5 bond points in cash (up to $13.5 million) ($15 per $1,000 note)
• 45% ownership of Company pro forma for the issuance, assuming 100% participation (69 shares per $1,000 note)
• Offered to 100% of unsecured noteholders |