Cooper-Standard announces tender offer results so far, calls remainder

By Angela McDaniels

Tacoma, Wash., April 3 - Cooper-Standard Holdings Inc. announced the early results of the tender offers for its $200 million outstanding senior PIK toggle notes due 2018 and subsidiary Cooper-Standard Automotive Inc.'s $450 million outstanding 8½% senior notes due 2018.

As of the early tender deadline, 5 p.m. ET on April 3, holders had tendered $198 million principal amount, or 99%, of the PIK toggle notes and $220,328,000 principal amount, or 49%, of the 8½% notes.

All of the tendered notes have been accepted for purchase. The settlement date for these notes is expected to be April 4.

For each $1,000 principal amount of notes, the purchase price will be $1,024.50 for the PIK toggle notes and $1,047.85 for the 8½% notes. These prices include an early tender payment of $5.00 for each note tendered by the early tender deadline.

Holders will also receive accrued interest up to but excluding the payment date.

The companies intend to call for redemption all remaining outstanding notes. The redemption date is expected to be May 5 for the PIK toggle notes and April 21 for the 8½% notes.

The tender offers began March 21 and will continue until midnight ET at the end of the day on April 18.

The companies are also soliciting consents to eliminate most of the restrictive covenants and some events of default contained in the indentures governing the notes.

In each case, holders may not tender their notes without delivering their consents to the proposed amendments and vice versa.

Cooper-Standard Holdings had received enough consents as of the early tender deadline to make the amendments. It has entered into a supplemental indenture effecting the proposed amendments, which will become operative once the notes are paid for.

The tender offers are subject to a financing condition.

Deutsche Bank Securities Inc. (866 627-0391 or 212 250-2955) is the dealer manager. D.F. King & Co., Inc. (800 290-6426) is the tender agent and information agent.

Cooper-Standard is a supplier of systems and components for the automotive industry. It is based in Novi, Mich.

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