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Doane Pet pays $125.2 million in change-of-control tender for preferreds, no notes tendered
New York, Nov. 28 - Doane Pet Care Co. said it completed its change-of-control offers to buy its 10¾% senior notes due 2010 and 14¼% senior preferred stock due 2007.
The Brentwood, Tenn., pet food manufacturer paid a total of $125.2 million to buy preferred stock. None of the notes were tendered.
Doane Pet Care began the offers as part of the acquisition of the company by Teachers' Private Capital, the private investment arm of the Ontario Teachers' Pension Plan Board, a transaction completed on Oct. 24.
For the both the notes and preferreds, Doane Pet Care was offering 101% of the liquidation value.
The company also began a change-of-control offer for its industrial revenue bonds on Nov. 18, again at 101% of par. Closing is expected on Dec. 19. Before beginning the offer, Doane Pet Care obtained a waiver from a holder of $12.0 million of industrial development revenue bonds, and therefore expects the total to be paid to the remaining holders of the securities to be $3.0 million.
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