5 percent Senior Notes maturing in 2020 in accordance with the contractual make-whole provisions
The company added that it intends to redeem any and all notes that are not tendered and accepted in the tender offer in accordance with the make-whole provisions
under the indenture governing the notes.
200% Senior Notes due March 15, 2019 validly tendered and accepted for payment in Pfizer's previously announced tender offer and to fund the redemption of any of the tender notes that remain outstanding after the completion of the tender offer in accordance with the terms of the make-whole provisions
of the indenture governing the tender notes.
The notes feature an optional redemption at the company's option, subject to make-whole provisions
The notes become callable in August 2014 and can be redeemed prior to that subject to make-whole provisions
The Restated Indenture governing the Restated Notes will set forth other important terms of the Restated Notes, including, without limitation, provisions relating to the holders' put option, mandatory and option redemptions, interest make-whole provisions
, and restrictive covenants.
Several structures also used optional calls with make-whole provisions
In addition, the covenants give a special-purpose trust vehicle control of certain contractual payment rights and contain make-whole provisions
for existing noteholders.
In its rating analysis, Fitch considers the impact of a more lumpy debt service structure and make-whole provisions
on an issuer's financial flexibility.
However, low interest rates (due, in part, to interest rate hedges) and make-whole provisions
in the company's debt agreements make the early prepayment of much of Con-way's debt relatively expensive and, therefore, uneconomic.