CDK Global, Inc. announced the early results of its previously announced tender offer relating to any and all of its issued and outstanding 4.500% Senior Notes due 2024, the interest rate of which adjusts from time to time and is currently 5.000% pursuant to its Offer to Purchase and Consent Solicitation Statement dated April 20, 2022. In conjunction with the Tender Offer, CDK solicited from holders of the 2024 Notes consents to the adoption of proposed amendments to the indenture governing the 2024 Notes to, among other things, eliminate any obligation to make a Change of Control Offer, substantially all of the other restrictive covenants and certain events of default and other provisions. Outstanding Principal Amount is $500,000,000. Title of Security is
4.500% Senior Notes due 2024. Purchase Price is $1,006.25. Consent Payment is $30.00. Total Consideration is $1,036.25. Percentage of Principal Amount Tendered is 82.5%.
The Tender Offer is currently scheduled to expire at 12:00 midnight, New York City time, at the end of the day on May 20, 2022, unless extended. Holders of 2024 Notes who validly tendered (and did not validly withdraw) their 2024 Notes and validly delivered (and did not validly revoke) their corresponding consents at or prior to the Consent Time, and whose 2024 Notes are accepted for purchase, will receive the Total Consideration per $1,000 principal amount of 2024 Notes tendered, which includes a Consent Payment per $1,000 principal amount of 2024 Notes tendered, as set out in the table above, plus any accrued and unpaid interest on the 2024 Notes up to, but not including, the settlement date, which is expected to promptly follow the Expiration Date. Holders who tender their 2024 Notes after the Consent Time and on or prior to the Expiration Date, and whose 2024 Notes are accepted for purchase, will receive the Purchase Price per $1,000 principal amount of 2024 Notes tendered set out in the table above, but not the Consent Payment, plus any accrued and unpaid interest on the 2024 Notes up to, but not including, the Settlement Date. Upon the terms and conditions described in the Offer to Purchase and Consent Solicitation Statement, CDK will, promptly following the Expiration Date, accept for purchase all 2024 Notes validly tendered on or prior to the Expiration Date.