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Greenbrier receives tenders for $90.8 million of 8 3/8% senior notes
By Marisa Wong
Madison, Wis., April 27 - The Greenbrier Cos., Inc. announced that it received tenders for $90,802,000 principal amount, or 38.64%, of its outstanding 8 3/8% senior notes due 2015 as of 8 a.m. ET on April 27, the expiration date of its cash tender offer for any and all of the 8 3/8% notes.
Greenbrier began the offer on March 30 and also solicited consents to amend the notes to eliminate substantially all of the restrictive covenants and some events of default.
As of April 12, the consent payment deadline, holders had tendered $90,559,000 principal amount of the notes. Holders tendered an additional $203,000 of the notes after the consent payment deadline and before the expiration date.
Greenbrier accepted for purchase all tendered notes. The company paid $1,031.67 for each $1,000 principal amount of notes tendered by the consent payment deadline. The additional notes were purchased at $1,021.67 per $1,000 of notes.
Holders also received accrued interest up to but excluding the applicable settlement date. The early settlement date was April 13, and the final settlement date was April 27.
As previously announced, Greenbrier plans to redeem on May 16 all 8 3/8% notes that remain outstanding at 102.792 plus accrued up to the redemption date.
Merrill Lynch was the dealer manager and solicitation agent, and D. F. King & Co., Inc. was the information agent and depositary for the offer.
Greenbrier is a Lake Oswego, Ore.-based supplier of transportation equipment and services to the railroad industry.
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