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Michael Foods launches tender for any and all 9¾% discounted notes, 8% subordinated notes
By Jennifer Chiou
New York, June 7 - Michael Foods Inc. and parent M-Foods Holdings, Inc. announced the start of their required tender offers for any and all of M-Foods' $150 million of 9¾% senior discounted notes due 2013 and Michael Foods' $154,061,000 of 8% senior subordinated notes due 2013.
On April 21, the company said that the offers were required as a result of M-Foods' agreement and plan of merger with MFI Midco Corp., MFI Acquisition Corp. and Michael Foods Investors, LLC.
The MFI entities are affiliates of GS Capital Partners while Michaels Foods Investors is owned by investment funds affiliated with Thomas. H. Lee Partners, LP.
Under the agreement, MFI Acquisition will merge with and into M-Foods, which will continue as a wholly owned subsidiary of MFI Midco.
The companies are also running concurrent consent solicitations for proposed amendments to the indentures.
The offers will end at midnight ET on July 2.
For each $1,000 principal amount, the companies will pay $1,029.17 for the 9¾% notes and $1,035 for the 8% notes, plus accrued interest.
Those who tender prior to 5 p.m. ET on June 18 will receive the consent payment of $15.00 that is included in the payouts noted above.
As already reported, the merger is conditioned on the receipt of tenders for at least 50.1% of each series of notes.
The offers are subject to the closing of the merger, sufficient financing and tenders from holders of a majority of each notes series.
Goldman, Sachs & Co. (800 828-3182 or collect at 212 902-5183) and BofA Merrill Lynch (888 292-0070 or collect at 646 855-3401) are the dealer managers and solicitation agents. Global Bondholder Services Corp. is the information agent and depositary (212 430-3774 for banks and brokers or 866 294-2200).
Michael Foods is a Minnetonka, Minn.-based food processor and distributor.
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