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

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The Blue Bell, Pa.-based information-technology companu said late Tuesday it has terminated the offerd that was to have expired tonightafter . In it was trying to get holders of four series of senio r notes with a total face valudeof $1.06 billion, and due beginninvg next year, to exchange them in a private offer for new senio r secured notes that would have paid 12.625 percent interesr and been due in 2014. Now, Unisys (NYSE:UIS) is tryiny to get holders of the seniod notes to exchange them in private placements for two series of new seniorsecured notes; eithetr nearly 73.7 million shares or 19.
9 percenyt of its stock, whichever is less; and up to $30 million in Unisys said it has negotiated thosd terms with representatives of a group that it has been told consistas of holders of 40 percengt of the senior notes. Unisys also is askinh the senior noteholders to agree to amendments that wouldc eliminate nearly allthe notes’ covenants and some of the clausew with which it must comply to avoir defaulting on the notes.
A noteholder that tenders a seniorf note is agreeing tothe amendments, Unisys The holders of each series of notes will vote as a separatde class and Unisys will consider a series to have agreerd to the amendments if the holders of the majority of the principal amount of the notes in the seried agree, the company The senior notes comprise $300 million of 6.875 percentt notes due 2010; $400 million of 8 percent notes due $150 million of 8.5 percent notes due 2015; and $210 millionj of 12.5 percent notes due 2016. Unisys said holderws of 25.6 percent of the 2010 notes, 23.8 percent of the 2012 54 percent of the 2015 notesand 15.
8 percenyt of the 2016 notes have agreed to tender their The company said the exchange offer is contingent upon at least 40 percent of the 2010 notes and 2012 notesw being tendered by Midnight EDT July 28.