| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers A > Headlines for A.M. Castle & Co. > News item |
A.M. Castle gives results of 5%/7% PIK toggle notes exchange offer
By Sarah Lizee
Olympia, Wash., March 27 – A.M. Castle & Co. announced the results of its debt-to-equity exchange offer for its existing 5%/7% second-lien convertible PIK toggle notes due Aug. 31, 2022 into common stock and new 3%/5% second-lien convertible PIK toggle notes due Aug. 31, 2024.
The offer expired at 5 p.m. ET on March 26.
The company said more than 98% of old notes were tendered and accepted in the exchange offer. Specifically, the result of the transaction was the exchange of about $190.2 million of prior second-lien debt into a combination of 70.3 million shares of common stock of the company and about $95.1 million of 3%/5% second-lien convertible PIK toggle notes due 2024 at a reduced interest coupon, in total generating a $98.3 million debt reduction.
In addition, holders of the old notes participating in the exchange offer consented to some amendments of the indenture governing the old notes to eliminate or amend substantially all of the restrictive covenants and release all collateral securing the old notes.
About $3.7 million of the old notes remain outstanding following the exchange offer.
Holders received for each $1,000 of tendered notes $491.8619 principal amount of 3%/5% convertible PIK toggle notes due Aug. 31, 2024 and 363.2585 shares of common stock.
Accrued interest on the existing notes was exchanged into new notes and common stock at the exchange rate on the date on which the exchange offer is completed.
Holders may obtain copies of the exchange offer materials from Wilmington Savings Fund Society, FSB (fax 302 421-9137, phone 302 571-7014).
A.M. Castle is a distributor of specialty metal and plastic products, value-added services and supply-chain services and is based in Oak Brook, Ill.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.