Royster-Clark extends tender for 10¼% first mortgage notes

New York, July 15 - Royster-Clark, Inc. said it has extended its tender offer for its 10¼% first mortgage notes due 2009.

The expiration is now 5 p.m. ET on July 21 instead of midnight ET on July 14.

So far, holders of $167.215 million or 83.6% of the notes have tendered them.

On June 30, Royster-Clark said it had received the necessary consents to amend the 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.

Changes under the consent solicitation 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 tendered 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%.

Terms of the offer require that the company receive 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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