Newell Rubbermaid accepts $144.88 million of 4% notes in oversubscribed tender offer

By Jennifer Chiou

New York, May 1 - Newell Rubbermaid Inc. said that it accepted $144.88 million of its $201,795,000 of 4% notes due 2010 in the oversubscribed cash tender offers to purchase up to $325 million of the 4% notes and its 4.625% notes due 2009.

At the midnight ET on April 30 expiration, holders had tendered $202.23 million of the 4% notes. The proration factor is 71.7248%.

The early consent date for the 4% notes was 5 p.m. ET on April 16.

Newell Rubbermaid previously said it would purchase all of the tendered 4.625% notes due 2009 and $144,877,000 of the 4% notes, or the portion of the $325 million remaining following the purchase of the 4.625% notes.

For each $1,000 principal amount, Newell Rubbermaid previously said it will pay $1,010 for each of the notes series, including a $30 early offer consideration for those tendering by April 16.

The company will also pay accrued interest up to the settlement date.

Newell Rubbermaid will fund the offers with a portion of the net proceeds of its recently completed sales of $345 million of its 5.5% convertible senior notes due 2014 and $300 million of its 10.6% notes due 2019.

Barclays Capital (800 438-3242 or call collect 212 528-7581) and Citi (800 558-3745) were the dealer managers. Global Bondholder Services Corp. (866 952-2200 or call collect 212 430-3774) was the depositary and information agent.

The tender offer for the 4.625% notes expired at 5 p.m. ET on April 16.

The consumer and commercial products company is based in Atlanta.

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