Allison Transmission gets early tenders for 93% of 11¼% toggle notes

By Jennifer Chiou

New York, May 9 - Allison Transmission, Inc. announced the receipt of early tenders for $467,905,740, or about 93%, of its $505,327,440 of 11¼% senior toggle notes due 2015 in the offer for any and all of the securities.

The tenders were received by 5 p.m. ET on April 26, which was also the withdrawal deadline.

For each $1,000 principal amount, the company paid $1,107.50, including a $30.00 early payment for those who tendered prior to the early deadline. Early settlement occurred on May 6.

Allison also paid accrued interest to the settlement date. Any further tenders will be settled on May 13.

The offer is set to end at midnight ET on May 12. It launched on April 15.

The tender is conditioned on financing but does not have a minimum tender requirement.

The Indianapolis-based automatic transmissions company previously said it intends to redeem or repurchase any untendered notes after the offer.

Citigroup Global Markets Inc., Barclays Capital, Deutsche Bank Securities and UBS Securities LLC are the dealer managers. Global Bondholder Services Corp. is the depositary and information agent (866 389-1500 or 212 430-3774).

Questions may be directed to Citigroup at 800 558-3745 or collect at 212 723-6106; Barclays Capital at 800 438-3242 or collect at 212 528-7581; Deutsche Bank at 855 287-1922 or collect at 212 250-7527; or UBS at 888 719-4210 or collect at 203 719-4210.

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