| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers D > Headlines for Doane Pet Care Co. > News item |
Doane Pet Care tenders for 10¾%, 10 5/8% notes
New York, May 12 - Doane Pet Care Co. said it has begun a cash tender offer for its $213.0 million of 10¾% senior notes due 2010 and $152.0 million of 10 5/8% senior subordinated notes due 2015.
The company is also soliciting consent to amend the note indenture to eliminate most of the restrictive covenants.
For the 10¾% notes, the price per $1,000 principal amount will be based on the present value of the $1,053.75 redemption price on the first call date of March 1, 2007, discounted using 50 basis points over the bid-side yield on the 3 3/8% U.S. Treasury due Feb. 28, 2007. The total includes a consent payment of $30.00 per $1,000 that will only be paid to those who tender before the consent deadline.
For the 10 5/8% notes, the price per $1,000 principal amount will be based on the present value of the $1,053.13 redemption price on the first call date of Nov. 15, 2010, discounted using 50 basis points over the bid-side yield on the 4½% U.S. Treasury due Nov. 15, 2010. The total includes a consent payment of $30.00 per $1,000 that will only be paid to those who tender before the consent deadline.
Doane Pet Care will also pay accrued interest up to but excluding the settlement date.
The consent deadline is 5 p.m. ET on May 25. The tender ends at 5 p.m. ET on June 12.
Pricing will be fixed at 2 p.m. ET on the business day after the consent date.
The Nashville, Tenn., maker of dry pet food is carrying out the tender as part of its acquisition by Mars, Inc.
Each of the tender offers is subject to the closing of the acquisition and the receipt of consents from holders of a majority of that series of notes.
Lehman Brothers is lead dealer manager and lead solicitation agent (800 438-3242 or 212 528-7581). CIBC World Markets Corp. and Harris Nesbitt Corp. are co-dealer managers and co-solicitation agents. D. F. King & Co., Inc. is tender agent and information agent (800 487-4870 or 212 269-5550).
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.