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Doane Pet Care accepts tenders for 98.12% of 10¾% notes, all 10 5/8% notes, calls remainder
By Jennifer Chiou
New York, June 13 - Doane Pet Care Co. said it received tenders from holders of $209 million or 98.12% of its $213 million of 10¾% senior notes due 2010 and all of its $152 million of 10 5/8% senior subordinated notes due 2015.
The offer ended at 5 p.m. ET on June 12.
The company said it will redeem the remaining 10¾% notes on June 16 due to a change of control.
For the 10¾% notes, the company paid $1,087.80 per $1,000 principal amount, which was based on the present value of the $1,053.75 redemption price on the first call date of March 1, 2007, discounted using 50 basis points over the bid-side yield on the 3 3/8% U.S. Treasury due Feb. 28, 2007.
For the 10 5/8% notes, the price per $1,000 principal amount was $1,243.33, based on the present value of the $1,053.13 redemption price on the first call date of Nov. 15, 2010, discounted using 50 bps over the bid-side yield on the 4½% U.S. Treasury due Nov. 15, 2010.
The considerations included a $30.00 consent payment per $1,000 principal amount of notes for those who tendered before 5 p.m. ET on May 25, the consent deadline.
Doane Pet Care also paid accrued interest up to but excluding the settlement date.
The Nashville, Tenn., maker of dry pet food said it carried out the tender as part of its acquisition by Mars, Inc., which was completed on June 13.
The proposed amendments will eliminate most of the restrictive covenants in the indentures governing the notes.
Each of the tender offers was subject to the closing of the acquisition and the receipt of consents from holders of a majority of that series of notes.
Lehman Brothers is lead dealer manager and lead solicitation agent (800 438-3242 or 212 528-7581). CIBC World Markets Corp. and Harris Nesbitt Corp. are co-dealer managers and co-solicitation agents. D. F. King & Co., Inc. is tender agent and information agent (800 487-4870 or 212 269-5550).
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