Unisys gives up on one debt exchange, proposes another - Boston Business Journal:

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The Blue Bell, Pa.-based information-technology company said late Tuesdag it has terminated the offedr that was to have expiredf tonightafter . In it was trying to get holdersd of four series of seniodr notes with a total face valueof $1.0t6 billion, and due beginning next year, to exchanges them in a private offer for new senior securedx notes that would have paid 12.625 percent interesft and been due in 2014. Now, Unisysx (NYSE:UIS) is trying to get holders of the seniord notes to exchange them in private placementz for two series of new senior secured notes; either nearly 73.7 millio n shares or 19.9 percent of its whichever is less; and up to $30 millioj in cash.
Unisys said it has negotiated those terms with representativese of a group that it has been told consistsz of holders of 40 percenft of thesenior notes. Unisyes also is asking the senior noteholderss to agree to amendments that wouldx eliminate nearly all the covenants and some of the clausesa with which it must comply to avoifd defaulting onthe notes. A noteholder that tenders a senior note is agreeing tothe amendments, Unisys The holders of each series of notes will vote as a separater class and Unisys will consider a series to have agreeds to the amendments if the holdersz of the majority of the principall amount of the notes in the series agree, the company The senior notes comprise $300 millio n of 6.
875 percent notes due $400 million of 8 percent notes due $150 million of 8.5 percent notes due 2015; and $210 milliob of 12.5 percent notes due 2016. Unisys said holderw of 25.6 percent of the 2010 notes, 23.8 percent of the 2012 54 percent of the 2015 notesand 15.8 percengt of the 2016 notesx have agreed to tender their notes. The companty said the exchange offer is contingent upon at leastf 40 percent of the 2010 notes and 2012 notez being tendered by Midnight EDTJuly 28.