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Sensata Technologies extends early deadline in Dutch auction tender for three series of notes
By Jennifer Chiou
New York, March 12 - Sensata Technologies BV announced the delay of the early deadline in the modified Dutch auction tender offer for its $340,006,000 of 8% senior notes due 2014, €177,315,000 of 9% senior subordinated notes due 2016 and its €137 million of 11¼% senior subordinated notes due 2014.
The early deadline is now 5 p.m. ET on March 18, extended from March 11.
The company said it will pay a maximum purchase price of $350 million in the offer.
As of the prior early deadline, holders tendered $98.7 million total of the notes.
For each $1,000 principal amount, the acceptable bid price range is $900 to par for the 8% notes, €875 to €975 for the 9% notes and €956.25 to €1,056.25 for the 11¼% notes, all including a $30.00 or €30.00 payment for those who tender by the early deadline.
Holders will also receive accrued interest to the payment date.
The tender offers will still expire at 11:59 p.m. ET on March 25. They began on Feb. 26.
The offer is subject to the satisfaction or waiver of certain conditions, including Sensata's ultimate parent company, which is undertaking a financing transaction, and the receipt of sufficient net proceeds to complete the offer.
Goldman Sachs & Co. (800 828-3182 or collect 212 902-5183) is the dealer manager. Global Bondholder Services Corp. (866 387-1500 or, for banks and brokers, 212 430-3774) is the information agent and depositary. Lucid Issuer Services Ltd. (44 20 7704-0880) is the information agent and tender agent.
Sensata is an Attleboro, Mass.-based designer and manufacturer of sensors and controls.
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