New Enterprise sees tenders for $321.53 million of 6¼% notes due 2026

By Marisa Wong

Los Angeles, Oct. 7 – New Enterprise Stone & Lime Co., Inc. said holders had tendered $321,525,000 of its $450 million outstanding 6¼% senior secured notes due 2026 (Cusips: 644274AF9, U64159AD5) as of 5 p.m. ET on Oct. 6, the expiration of its tender offer for any and all of the notes.

As announced on Sept. 28, the tender consideration is $1,034.40 per $1,000 principal amount. The company will also pay accrued interest.

Settlement is expected to occur on Oct. 8. The settlement date for notes tendered under guaranteed delivery procedures is expected to be Oct. 12.

The company said on Thursday it intends to deliver notices of redemption to holders of the remaining notes on Oct. 8. Any remaining notes not tendered prior to 12:01 a.m. ET on Oct. 8 will be redeemed on Nov. 7 at 103.125 plus accrued interest to the redemption date.

The tender offer is subject to a financing condition. The company intends to purchase the 2026 notes with proceeds from a concurrent offering of debt securities.

Truist Securities Inc. (404 926-5262) is dealer manager for the tender offer. The tender and information agent is Global Bondholder Services Corp. (www.globalbondholder.com/NESL, contact@gbsc-usa.com, 212 430-3774 for banks and brokers or fax 212 430-3775/3779).

The vertically integrated construction materials supplier and heavy/highway construction contractor is based in New Enterprise, Pa.

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