AES calls 10¼% notes for redemption

New York, July 29 - AES Corp. has called for redemption all $198 million aggregate principal amount of its outstanding 10¼% senior subordinated notes due 2006.

AES, an Arlington, Va.-based global power producer, said that the notes will be redeemed on Aug. 28 at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest up to the redemption date.

Euramax sets withdrawal deadline in tender for 11¼% notes

New York, July 29 - Euramax International, Inc. (B2/B) said that as part of its previously announced tender offer for all of the outstanding 11¼% senior subordinated notes due 2006 issued by Euramax International Ltd., Euramax European Holdings Ltd. and Euramax European Holdings BV, it has received valid consents from the holders of more than a majority of the notes to proposed indenture changes.

Accordingly, the company said that under the terms of the tender offer, it was declaring that the "Withdrawal Deadline" specified in the official Offer to Purchase and Consent Solicitation has occurred, and holders may no longer withdraw their consents.

As previously announced, Euramax, a Norcross, Ga. producer of aluminum, steel, vinyl and fiberglass products, said on July 10 that it had begun a cash tender offer for any and all of the 11¼% notes, and was also soliciting consents to proposed amendments to the note indenture.

It set the now-expired consent deadline of 5 p.m. ET on July 24 and set the tender expiration at 5 p.m. ET on Aug. 7, subject to possible extension.

Euramax said it would pay 102% of the principal amount of the notes in the tender offer. Holders tendering by the consent deadline would also receive a consent payment of 0.75% of the principal amount. In addition to the appropriate consideration, all tendering holders will also receive accrued interest up to, but not including, the payment date.

The company said the tender offer would be subject to the now-fulfilled requirement for a majority of noteholders to consent to the indenture amendments and a majority of the notes be tendered; the receipt of proceeds from a planned new debt offering or other sources of cash; and its receipt of lender consents under its senior secured credit facility for the tender offer and new offering.

On July 21, the company announced plans to sell $200 million of new eight-year senior subordinated notes in a Rule 144A private placement transaction, with the net proceeds earmarked for debt repayment.

UBS Securities LLC (Call Kevin Reynolds collect at 203 719-4210) is the lead dealer manager and solicitation agent and Banc of America Securities LLC is co-manager. D.F. King & Co., Inc. (800 431-9643 or 212 269-5550) is information agent.

© 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.