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FastenTech gets tenders for 86% of 11½% notes
By Angela McDaniels
Seattle, May 16 - FastenTech, Inc. said it received tenders and consents for $149.42 million, or 86%, of its $174 million outstanding 11½% senior subordinated notes due 2011 during a tender offer that expired on May 14.
The company began the tender offer and a consent solicitation for the notes on March 22. The tender expiration was extended from May 3, April 26 and April 18.
On April 9, FastenTech announced that it had received enough consents to execute a supplemental indenture to effect the proposed amendments, which eliminate substantially all of the restrictive covenants, some events of default and selected other provisions in the note indenture.
The company accepted the tendered notes for purchase on May 15, and the amendments are now operative.
For each $1,000 principal amount of notes, tendering noteholders received $1,061.25, which included a $20 consent payment for those who tendered by April 5, the consent deadline.
FastenTech also paid accrued interest to the settlement date.
The tender offer was conditioned on the completion of the proposed merger of parent company FasTech, Inc. with Dundee MergerCo, Inc., an affiliate of Doncasters Group Ltd., which closed on May 15.
Credit Suisse Securities (USA) LLC (call collect 212 325-7596) was the dealer manager and solicitation agent. D.F. King & Co., Inc. (call collect 212 269-5550 or toll-free 800 290-6429) was the information agent.
Minneapolis-based FastenTech manufactures and markets specialty components for power generation, military and construction applications.
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