International Wire announces $100 million PIK toggle notes offering

By Paul A. Harris

Portland, Ore., May 27 - International Wire Group, Inc. announced in a Friday press release that it intends to privately offer $100 million of senior PIK toggle notes due 2015 via a new holding company, International Wire Group Holdings, Inc.

Prior to the completion of the notes offering, the company intends to implement a corporate reorganization to effect a holding company structure. In the reorganization, holders of IWG common stock will receive one share of Holdings' common stock for each share of IWG common stock that they own.

All outstanding options to purchase shares of IWG common stock will become options to purchase shares of Holdings' common stock.

Holdings intends to use the net proceeds from the notes to make a special distribution to its stockholders and option holders in an amount not to exceed $100 million, or $9.14 per share or option.

The bond deal will come to market as a Rule 144A and Regulation S transaction.

The prospective issuer is a Camden, N.Y.-based manufacturer and marketer of wire products.

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