Accellent wraps offer for 10½% notes; no more tenders since early date

By Susanna Moon

Chicago, Nov. 11 - Accellent Inc. said it received no additional 10½% senior subordinated notes due 2013 since the early tender and consent deadline of 5 p.m. ET on Oct. 27.

The tender offer expired at 11:59 p.m. ET on Nov. 10. It began on Oct. 14.

Holders tendered $230,767,000 of the notes in the cash tender offer for the company's $295 million of notes.

As previously noted, the company paid cash for the notes on Oct. 28.

The company will redeem any notes outstanding after the tender with cash at 102.625 plus interest up to but excluding the redemption date of Dec. 1.

The Bank of New York Mellon (800 254-2826) is the trustee and paying agent.

The company was soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants, some affirmative covenants, some events of default and some defeasance conditions.

It also sought to eliminate almost all of the restrictions on the company's ability to merge, consolidate or sell its properties or assets contained in the indenture and the notes.

As of the consent deadline, the company had received consents from a majority of noteholders and consequently executed a supplemental indenture outlining these changes.

The total payment for notes tendered by the consent deadline was $1,030 per $1,000 principal amount of notes plus accrued interest, including a consent payment of $10 per $1,000 of notes.

Holders who tender notes after the consent deadline will not be eligible to receive the consent payment.

Goldman Sachs & Co. (800 828-3182 or 212 902-5183) is the dealer manager for the tender offer and the solicitation agent for the consent solicitation. Global Bondholder Services Corp. (212 430-3774 for banks and brokers and 866 873-5600 for noteholders) is the information agent and depositary.

Based in Wilmington, Mass., Accellent provides manufacturing and engineering services to the medical device industry in the cardiology, endoscopy and orthopedic markets.

© 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.