Euramax extends tender for 8½% notes

New York, June 1 - Euramax International, Inc. said it has extended its tender offer for its $200 million of 8½% senior subordinated notes due 2011.

The expiry date is now 5 p.m. ET on June 23 instead of 5 p.m. ET on June 1.

As of June 1, holders had tendered $197.98 million or 99% of the notes, up slightly from $197.95 million as of the consent deadline.

At its previous announcement on May 17, Euramax fixed the benchmark yield that will be used to set pricing. The reference Treasury yield is 3.636%, resulting in a tender offer yield of 4.136%.

Assuming a payment date of June 24, holders will receive $1,127.41 per $1,000 principal amount of notes plus accrued interest. The total includes a consent payment of $20.00 per $1,000 that will only be paid to holders who tender with consents by the consent deadline of 5 p.m. ET on May 16.

On May 16, Euramax said it had received sufficient consents to amend its 8½% senior subordinated notes due 2011.

Euramax said it will execute a supplemental indenture including the changes, but the amendments will only become effective when it buys the notes.

Euramax announced the consent solicitation and a tender offer for the notes on May 4.

For each $1,000 principal amount, the company is offering the present value minus accrued interest of the $1,042.50 redemption price on the first call date of Aug. 15, 2007 plus interest payable from the settlement date up to the call date, discounted using 50 basis points over the yield of the 3.25% U.S. Treasury note due Aug. 15, 2007.

The total includes a consent payment of $20.00 per $1,000 that will only be paid to holders who tender with consents by the consent deadline.

Euramax will also pay accrued interest up to but excluding the payment date.

The Norcross, Ga., maker of aluminum, steel, vinyl and fiberglass products is also soliciting consents to amend the note indenture to eliminate substantially all of the restrictive covenants and certain events of default and to modify the defeasance and certain other provisions.

Conditions to the tender include Euramax receiving tenders of at least a majority of the notes by the expiration date and consents from holders of a majority of the notes, raising proceeds from a new financing transaction and completing the proposed merger with Emax Merger Sub, Inc., an affiliate of Goldman, Sachs & Co.

Credit Suisse First Boston LLC (800 820-1653 or 212 538-0652) and Goldman, Sachs & Co. (800 828-3182 or 212 357-8664) are dealer managers and solicitation agents. D.F. King & Co., Inc. is the information agent (800 848-2998 or 212 269-5550).

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