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Ferro gets tenders for 57% of 7 7/8% notes due 2018 by early deadline
By Toni Weeks
San Luis Obispo, Calif., July 31 – Ferro Corp. said it took in tenders for about $143 million, or 57%, of its outstanding $250 million of 7 7/8% senior notes due 2018 by the early tender deadline, 5 p.m. ET on July 30, of its tender offer and consent solicitation.
The company said it consequently received enough consents to approve the proposed amendments to the indenture governing the notes to eliminate substantially all of the restrictive covenants and some events of default and modify other provisions contained in the indenture. Holders who tendered their notes were deemed to have consented to the proposed amendments.
For each $1,000 principal amount of notes, the company will pay $1,043.62. This includes a consent payment of $20.00 for each note tendered by the early tender date.
The tender offer will expire at midnight ET at the end of Aug. 12.
Following the expiration date, the company plans to redeem any notes that remain outstanding, as previously noted.
In connection with the tender offer and consent solicitation, Ferro entered into a $300 million senior secured first-lien term loan and a $200 million senior secured first-lien revolving credit facility.
The tender offer and consent solicitation are conditioned on the completion of the credit facilities, among other conditions.
The dealer manager and solicitation agent is J.P. Morgan Securities LLC (800 245-8812 or 212 270-1200). The information agent is Global Bondholder Services Corp. (212 430-3774 for banks and brokers; 866 873-7700 for others).
Ferro is a Cleveland-based supplier of technology-based performance materials such as glass-based coatings, pigments and colors and polishing materials.
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