Post sees tenders of $279,000 more 7¾%, 8% notes after early date

By Wendy Van Sickle

Columbus, Ohio, June 6 – Post Holdings, Inc. took in a total of $279,000 principal amount of notes after the early deadline of its tender offer for two note series, according to a press release.

The tender offers expired at midnight ET at the end of June 5.

By the final expiration, Post had taken in tenders of $651,158,000, or about 81.4%, of its $800 million 7¾% senior notes due 2024, up by $179,000 from $650,979,000 of notes that were tendered by the early deadline of 5 p.m. ET on May 19.

By the final deadline, Post had taken in total tenders of $262,522,000, or about 65.6%, of its $400 million of 8% senior notes due 2025, up by $100,000 from the $262,422,000 of those notes tendered by the early deadline.

The company extended the early deadline for this series to 5 p.m. ET on May 23 from 5 p.m. ET on May 19 but received no additional tenders of the notes in between the original and revised early tender dates.

The tenders were announced on May 8, and the company said it was also soliciting consents to proposed amendments to the indentures governing the notes that would eliminate substantially all of the restrictive covenants and some events of default.

The tender response for both series was sufficient by the early deadline to approve requested amendments to the note indentures, as previously reported.

Post said it has executed a supplemental indenture, which became effective when it purchased the notes on the early settlement date.

Early settlement for both series of notes occurred on May 24.

Per $1,000 principal amount, the company offered $1,136.25 for the 7¾% notes and $1,165.00 for the 8% notes.

Those payments include a consent payment of $30.00 per $1,000 principal amount of notes tendered by the early tender deadline.

Holders will also receive accrued interest up to but excluding the settlement date, which was June 6 for notes tendered after the early tender deadline.

On May 22, the company called any 7¾% notes that remain outstanding after the offers for redemption on June 7. Those $148,842,000 of notes will be redeemed at a price specified in the indenture plus accrued interest to the redemption date, the company said. Post said it has no current plans to redeem the 8% notes.

The company funded the tender offers with cash on hand and a new roughly $2 billion incremental term loan under its existing credit agreement.

The dealer manager is Credit Suisse (800 820-1653). The information agent is Global Bondholder Services Corp. (212 430-3774 or 866 470-4500).

Post is a St. Louis-based cereal maker.

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