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Ferro wraps tender offer for 7 7/8% notes, issues call for remainder
By Susanna Moon
Chicago, Aug. 14 – Ferro Corp. said investors had tendered $143 million, or 57%, of its outstanding $250 million of 7 7/8% senior notes due 2018 by the end of the offer at midnight ET on Aug. 12.
The tally remains unchanged since the early tender deadline, 5 p.m. ET on July 30, when the company accepted all of the tendered notes for purchase.
The company called the outstanding notes on July 31 for redemption on Aug. 30, according to a press release.
As previously announced, the total purchase price was $1,043.62 for each $1,000 principal amount of notes, which included a consent payment of $20.00 for $1,000 of notes tendered by the early tender date.
The company previously said it received enough consents to approve the proposed amendments to the notes indenture to eliminate substantially all of the restrictive covenants and some events of default.
Holders who tendered their notes were deemed to have consented to the proposed amendments.
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 were conditioned on the completion of the credit facilities.
The dealer manager and solicitation agent was J.P. Morgan Securities LLC (800 245-8812 or 212 270-1200). The information agent was 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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