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J.B. Poindexter modifies, extends exchange offer
By Carlise Newman
Chicago, May 15 - J.B. Poindexter & Co. Inc. extended its exchange offer for its 12.5% senior secured notes due May 2004 and substituted cash for some of the new notes it is offering.
The exchange now runs until midnight ET on May 28, extended from midnight ET on May 14.
In addition, holders of the old notes will receive $1,000 of new notes plus $30 in cash for each $1,000 of old notes tendered.
The original offer included $1,030 of new notes for each $1,000 of old notes tendered and not withdrawn in the offer. The holders of old notes who properly tendered and did not withdraw old notes during the original offering period will be considered to have elected the new offer.
As previously reported, Poindexter was offering to exchange up to $87.55 million of new 12.5% senior secured notes due May 15, 2007 for all its outstanding 12.5% senior notes due May 2004 at the rate of $1,030 of new notes for each $1,000 of old notes tendered.
The company said previously that if at least 95% of the outstanding principal amount of the old notes is tendered and accepted it will go ahead with an out-of-court restructuring, in which it will refinance the old notes and sell assets to repay them, according to a filing with the Securities and Exchange Commission.
If the threshold is not met, Poindexter will make a prepackaged Chapter 11 bankruptcy filing. In addition the new notes will be issued by Holdings, a newly-formed subsidiary of Houston-based Poindexter that will own all of Poindexter's other subsidiaries.
By late on May 14, $66.141 million of old notes had been tendered and a further $18.125 million were subject to an irrecoverable agreement to tender.
J.B. Poindexter is a Houston-based an automotive parts manufacturer.
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