Argo-Tech receives consents to amend 8 5/8% notes

New York, June 4 - Argo-Tech Corp. said it received the necessary consents to amend the indenture for its 8 5/8% senior subordinated notes due 2007.

The consent solicitation expired at 5 p.m. ET on June 3.

The company said the amendments will become operative on the settlement date for the tender offer, which is expected to be June 21.

Argo-Tech said on May 18 it had begun a tender offer for any and all its $195 million outstanding principal amount of 8 5/8% notes.

The Cleveland manufacturer of fuel flow devices is also soliciting consents to amend the note indentures.

Argo-Tech is offering $1,026.25 per $1,000 principal amount for the notes plus accrued interest up to but not including the payment date.

The tender ends at midnight ET on June 16.

Holders who tender and deliver consents by the consent deadline of 5 p.m. ET on June 3 will also receive a $2.50 per $1,000 principal amount consent payment for a total of $1,028.75 per $1,000 principal amount.

Noteholders who tender will be required to consent and vice versa.

The offer is subject to various conditions including completion of planned refinancing transactions and the receipt of the necessary consents to amend the note indenture.

J.P. Morgan Securities Inc. is dealer manager and solicitation agent (contact Brian Tramontozzi at 800 245-8812 or 212 270-9153). BNY Midwest Trust Co. is the depositary and D.F. King & Co. Inc. is the information agent (800 269-6427).

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