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Atkore to redeem all $369 million 9 7/8% secured notes due 2018
By Jennifer Chiou
New York, March 10 - Atkore International Inc. gave notice for the redemption of all $369 million of its 9 7/8% senior secured notes due 2018, according to an 8-K filing with the Securities and Exchange Commission.
The notes will be redeemed at 107.406 plus accrued interest. The redemption date is anticipated on April 9 and should occur no later than May 9.
On March 6, Atkore International Group Inc., the direct parent of Atkore International Holdings Inc., entered into a non-binding letter of intent with Tyco International Ltd. for the acquisition of the 29.4 million shares of Atkore Group's common stock held by Tyco's wholly owned subsidiary, Tyco International Holding Sarl, the filing stated.
Atkore Group will acquire the shares for an aggregate cash purchase price of $250 million.
The filing noted that the redemption is conditioned on, among other things, amendments to the issuer's revolving credit facility, the distribution and availability of funds to complete the acquisition and the conversion of Atkore Group's preferred stock into common stock.
Atkore is a Harvey, Ill.-based manufacturer of primarily non-residential building products.
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