Amsted Industries tenders for 10¼% notes

By Jennifer Chiou

New York, March 8 - Amsted Industries Inc. announced the launch of a cash tender offer and consent solicitation for its $250 million of 10¼% senior notes due 2011.

The consent solicitation ends at 5 p.m. ET on March 21, and the offer ends at midnight ET on April 4.

For each $1,000 principal amount of notes, the company said it will pay the present value of $1,051.25, the amount payable on Oct. 15, 2007, the notes' first call date, discounted using the bid-side yield of the 4% Treasury due Sept. 30, 2007 and 50 basis points, minus accrued interest. The payout includes a $20.00 consent payment for those who tender prior to the early deadline.

Amsted is soliciting consents to amend the note indenture to eliminate substantially all of the restrictive covenants and certain events of default.

The company is seeking tenders from a majority of noteholders and the offer is conditioned on sufficient financing.

Citigroup Corporate and Investment Banking is the dealer manager and solicitation agent (800 558-3745 or call collect 212 723-6106). Global Bondholder Services Corp. is the information agent (866 873-7700 or call collect 212 430-3774).

Amsted is a Chicago-based diversified manufacturing company serving the railroad, vehicular and construction markets.

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