Associated Materials gets tenders for $660 million 9 1/8% notes so far

By Angela McDaniels

Tacoma, Wash., Nov. 22 – Associated Materials, LLC had received tenders for $660,398,000 principal amount, or 79.6%, of its $830 million 9 1/8% senior secured notes due 2017 as of 5 p.m. ET on Nov. 18, according to a company news release.

As previously reported, a tender offer for the notes began Nov. 3 and will end at 11:59 p.m. ET on Dec. 2.

The issuer will pay par for notes tendered by the early participation deadline, 5 p.m. ET on Nov. 18. This includes a $30 early participation payment per $1,000 principal amount of notes.

Holders who tender after the early deadline will receive $970 per $1,000 principal amount of notes.

The issuer will also pay accrued interest to the settlement date, which was expected to be Nov. 22 for notes tendered by the early participation deadline and will be Dec. 5 for notes tendered after the early participation deadline but prior to the offer expiration.

The offer is conditioned on financing. The company priced $675 million of 9% senior secured notes due Jan. 1, 2024 at 97 to yield 9.59% on Nov. 3. The issue was scheduled to settle Nov. 22.

Goldman Sachs & Co. (800 828-3182 or 212 357-1452) is the lead dealer manager. Ducera Securities LLC is also a dealer manager. Global Bondholder Services Corp. (212 430-3774 or 866 470-3700) is the information and depository agent.

Associated Materials manufactures and distributes exterior residential building products and is based in Cuyahoga Falls, Ohio.

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