Amscan gets early tenders for $115.8 million of 8¾% notes due 2014

By Jennifer Chiou

New York, July 27 - Amscan Holdings, Inc. announced the receipt of early tenders for $115.8 million of its $175 million of 8¾% senior subordinated notes due 2014 in the cash tender offer for any and all of the notes.

For each $1,000 principal amount, the company is offering a total consideration of $1,003.75, which includes an early tender payment of $30.00 for those who tendered by 5 p.m. ET on July 26, the early deadline.

As stated in June when the company announced redemption plans for the securities, the transaction is in connection with Party City Holdings Inc.'s agreement through which funds affiliated with Thomas H. Lee Partners, LP will acquire a majority stake in Party City, the parent of Amscan.

The company also announced that it will redeem any notes remaining after the tender on Aug. 27 at par plus accrued interest.

The offer is set to expire at midnight ET on Aug. 9. It began on July 13.

The tender is conditioned on the completion of the merger as well as sufficient financing.

Goldman, Sachs & Co. is the dealer manager (800 828-3182 or call collect 212 855-9063). Global Bondholder Services Corp. is the information agent and tender agent (866 873-6300 or 212 430-3774 for banks and brokers.

Amscan is an Elmsford, N.Y.-based designer, manufacturer and distributor of decorated party goods and party accessories.

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