DriveTime Automotive Group and its related finance company, Bridgecrest Acceptance Corp., announced on Monday that they have commenced a cash tender offer to purchase any and all of their outstanding $400 million aggregate principal amount of 8.00% senior secured notes due 2021.

In conjunction with the tender offer, DriveTime said in a news release that it is soliciting consents to effect certain proposed amendments to the indenture governing the notes. The company indicated holders may not tender their notes pursuant to the tender offer without delivering consents or deliver consents without tendering their notes.

The said the tender offer is scheduled to expire on July 15, 2019, unless extended or earlier terminated by DriveTime.

DriveTime acknowledged its obligation to consummate the tender offer and consent solicitation is subject to the satisfaction or waiver of certain conditions, which are more fully described in the offer documents, including:

— The consummation of certain debt financing transactions by DriveTime

— Receipt of the requisite consents

— Execution and delivery of the supplemental indenture implementing the proposed amendments (other than the proposed amendments to the indenture relating to the release of all of the collateral securing the obligations of DriveTime and the guarantors under the notes)

“There can be no assurance such conditions will be satisfied,” the company said.

Wells Fargo Securities is acting as dealer manager and solicitation agent for the tender offer and the consent solicitation. The tender agent and information agent for the tender offer is D.F. King & Co.

This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell the notes,” DriveTime said. “This press release also is not a solicitation of consents to the proposed amendments to the indenture.

“The tender offer and consent solicitation are being made solely by means of the tender offer and consent solicitation documents, including the offer documents, that DriveTime is distributing to holders of notes,” the company continued. “The tender offer and consent solicitation are not being made to holders of notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.”

Questions regarding the tender offer and consent solicitation may be directed to Wells Fargo Securities at (704) 410-4759 (collect) or (866) 309-6316 (U.S. toll-free). Holders who would like additional copies of the offer documents may call the information agent, D.F. King & Co., at (212) 269-5550 (collect, for banks or brokers) or (800) 252-8173 (toll-free, for all others) or by e-mail at dtag@dfking.com.