Amsted wraps tenders for $118.5 million of 5 3/8% notes due 2024

By Marisa Wong

Los Angeles, Dec. 16 – Amsted Industries Inc. said holders had tendered $118.5 million of its 5 3/8% senior notes due 2024 as of 5 p.m. ET on Dec. 13, the expiration of its cash tender offer for any and all of the $250 million of outstanding notes.

The amount tendered excludes about $200,000 of notes that remain subject to guaranteed delivery procedures.

Amsted accepted for payment all of the notes tendered by the expiration time, according to a Monday press release.

The company offered a total consideration of $1,029.38 per $1,000 principal amount of notes. The tender consideration includes accrued interest from the most recent interest payment date up to but excluding Dec. 16, the payment date.

Tenders delivered under guaranteed delivery procedures will settle on Dec. 18.

The tender offer was conditioned on Amsted having available funds, including gross proceeds of at least $300 million from a debt financing transaction, in an amount sufficient to pay the tender offer consideration for all outstanding notes in the tender offer.

Amsted said it settled on Monday its previously announced offering of $400 million of 4 5/8% senior notes due 2030. Proceeds were used to purchase all of the notes under the tender offer.

The company will also use funds from the new notes to redeem all of the remaining outstanding 2024 notes.

The remaining 2024 notes will be redeemed on Jan. 15.

Wells Fargo Securities, LLC (866 309-6316 or 704 410-4759) is dealer manager for the tender offer.

D.F. King & Co., Inc. (amsted@dfking.com, 866 207-2324 or 212 709-3328, www.dfking.com/amsted) is the tender agent and information agent.

Amsted is a Chicago-based manufacturer of industrial components primarily for the railroad, vehicular and construction markets.

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