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Royster-Clark receives consents to amend 10¼% first mortgage notes
New York, June 30 - Royster-Clark, Inc. said it received the necessary consents to amend its 10¼% first mortgage notes due 2009 as part of its tender for the debt.
By the consent deadline it had received tenders with consents for 84% of the notes.
Holders may no longer withdraw their notes.
Royster-Clark said it has executed a supplemental indenture with the changes but it will only become effective when it buys the securities.
The company announced the tender on June 17, saying it was offering 103.417% of the principal amount. It will also pay accrued interest up to but not including the redemption date.
The offer is set to expire at midnight ET on July 14, unless extended.
The company is also soliciting consents from noteholders to amend the indenture on the notes. Changes include eliminating some covenants and events of default. Holders who tender will be considered to have delivered consents.
Included in the total is a 2% consent payment that Royster-Clark will pay to holders who tender notes prior to the consent deadline of midnight ET on June 29.
Investors tendering notes after that deadline will receive a price of 101.417% if the notes are accepted.
Terms of the offer require that the company receives sufficient funds from an offering of income deposit securities in Canada to pay the total purchase price for the notes.
CIBC World Markets Corp. is the dealer manager and solicitation agent (800 274-2746 or call collect 212 885-4489) or call D.F. King & Co., Inc., the information agent (800 848-2998 or call collect 212 269-5550).
Norfolk, Va.-based Royster-Clark makes and distributes fertilizer and crop-protection products.
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