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TMS accepts early tenders for $242.8 million of 7 5/8% notes due 2021
By Marisa Wong
Morgantown, W.Va., Aug. 11 – TMS International Corp. said that holders tendered $242.8 million, or 88.3%, of its $275 million 7 5/8% senior notes due 2021 prior to 5 p.m. ET on Aug. 11, the early tender deadline of its cash tender offer.
As announced on July 31, TMS is tendering for any and all of its outstanding 7 5/8% notes until 11:59 p.m. ET on Aug. 25.
The total purchase price will be $1,047.50 for each $1,000 principal amount of notes, which includes an early tender premium of $30.00 per $1,000 principal amount of notes tendered by the early deadline.
Holders who tender after the early deadline will receive $1,017.50 per $1,000 principal amount.
The issuer also will pay accrued interest to but excluding the settlement date, which will be Aug. 14 for early tendered notes and Aug. 28 for any notes tendered after the early deadline and before the expiration time.
Tendered notes may no longer be withdrawn.
The offer is not conditioned upon any minimum amount of notes being tendered, as previously noted.
TMS will redeem notes outstanding after the offer at a redemption price of 103.813% of par plus accrued interest to but excluding the redemption date, according to a previous company announcement.
Credit Suisse Securities (USA) LLC (212 538-1862 or 800 820-1653), J.P. Morgan Securities LLC (212 834-4811 or 888 834-4666) and BofA Merrill Lynch (888 292-0070) are the dealer managers.
D.F. King & Co., Inc. (800 864-1460, 212 269-5550 or e-mail tmsi@dfking.com) is the tender agent and information agent.
TMS is a Glassport, Pa.-based provider of mill services for steelmakers.
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