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Packaging Dynamics gets no tenders in offer for 8¾% notes; call issued
By Susanna Moon
Chicago, July 18 – Packaging Dynamics Corp. said holders had tendered no notes in the offer for up to $64,912,000 principal amount of its outstanding 8¾% senior secured notes due 2016.
The tender offer, related to an asset sale, ended at 11:59 p.m. ET on July 17. The offer began June 18.
The company also will redeem $85 million of the outstanding notes at 102.188% of par plus accrued interest up to the redemption date of Aug. 18, according to a company press release.
As previously announced, the tender offer purchase price was par plus accrued interest to the settlement date.
Packaging Dynamics acquired Thilmany, LLC on June 26, 2013. Under the note indenture, the company is required to make the tender offer with any excess collateral proceeds and excess proceeds of the sale that are left over 366 days following the Thilmany sale after it has repaid certain debt, funded certain asset acquisitions or made certain capital expenditures.
The tender agent was U.S. Bank NA (fax at 651 466-7372).
Packaging Dynamics makes flexible packaging and specialty papers and is based in Chicago.
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