Keystone says conditions satisfied for restructuring

New York, March 15 - Keystone Consolidated Industries, Inc. said $93.85 million principal amount of its $100 million 9 5/8% senior secured notes were tendered in its exchange offer, resulting in all conditions having been satisfied or waived by the company.

The exchange offer expired at 5.00 p.m. ET on March 14.

Keystone also said documents have been executed for its $10 million subordinated loan from the County of Peoria, Illinois.

In the exchange, the Dallas, Texas fencing and construction products company had been offering to exchange its $100 million outstanding 9 5/8% senior secured notes for either a discounted cash amount and common stock (subject to an aggregate limit for holders choosing this option) or new preferred equity and subordinated debt securities or subordinated unsecured debt securities.

Ahead of the formal announcement of the exchange offer, Keystone said holders of 92% of the principal amount of the 9 5/8% notes had committed to support the plan for an out-of-court restructuring, Keystone said.

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