Erico receives tenders for 99.8% of 8 7/8% notes by consent deadline

By Laura Lutz

Washington, Dec. 20 - Erico International Corp. received tenders and consents for $140.735 million, or about 99.8%, of its $141 million outstanding principal amount of 8 7/8% senior subordinated notes due 2012 by the consent deadline in its ongoing tender offer for the notes.

As of 5 p.m. ET on Dec. 5, holders of $3.8 million notes had tendered.

The consent deadline was midnight ET on Dec. 19. It had earlier been extended from Dec. 11.

The offer ends at 8 a.m. ET on Dec. 29. It began on Nov. 28.

The consents allow the company to amend the note indenture to eliminate substantially all of the restrictive and certain other covenants in the indenture.

The company needed tenders from a majority of noteholders.

Those who tendered their notes prior to the new early deadline will receive $1,079.92 for each $1,000 principal amount of notes, including a $20.00 consent fee. That amount was earlier increased from $1,076.92.

Erico said it will also pay accrued interest.

Deutsche Bank Securities Inc. is the dealer manager (call collect 212 250-7772). MacKenzie Partners, Inc. is the information agent (800 322-2885).

Erico is a Solon, Ohio, designer of specialty metal products.

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