Ferro launches tender offer for its $172.5 million 6.5% convertibles

By Angela McDaniels

Tacoma, Wash., July 27 - Ferro Corp. has begun a tender offer for its $172.5 million outstanding principal amount of 6.5% convertible senior notes due 2013, according to a company news release.

The company is offering 101 plus accrued interest up to but excluding the settlement date.

The tender offer will expire at midnight ET on Aug. 23.

In connection with the tender offer, Ferro plans to offer $250 million principal amount of senior notes and enter into a new credit facility. The company said it is in negotiations with its existing lenders to enter into the new credit facility.

The tender offer is conditioned on the successful completion of the notes offering and either Ferro's entry into the new credit facility or its entry into an amendment to, or its receipt of a waiver under, its existing credit facility that will allow it to repurchase the convertibles.

Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-2147) is the dealer manager for the tender offer, and Global Bondholder Services Corp. (866 873-7700) is the information agent.

Ferro is a Cleveland-based supplier of technology-based performance materials for manufacturers.

© 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.