Sensata accepts total of $95.8 million of notes in Dutch auction tender for three series

By Jennifer Chiou

New York, March 26 - Sensata Technologies BV announced that it accepted tenders in the modified Dutch auction offer for $275,000 of its $340,006,000 of 8% senior notes due 2014, €200,000 of its €177,315,000 of 9% senior subordinated notes due 2016 and €71.7 million of its €137 million of 11¼% senior subordinated notes due 2014.

The total amounts to about $95.8 million of notes.

The final deadline and early deadline both occurred 11:59 p.m. ET on March 25, with the early deadline previously extended from 5 p.m. ET on March 18 and, before that, March 11.

The tender offer began on Feb. 26.

The company had said it would pay a maximum purchase price of $350 million in the offer.

At March 15, holders had tendered $98.7 million total of the notes, unchanged from March 11.

For each $1,000 principal amount, the acceptable bid price range was $900 to par for the 8% notes, €875 to €975 for the 9% notes and €956.25 to €1,056.25 for the 11¼% notes, all including a $30.00 or €30.00 payment for those who tender. The company accepted the notes all at the maximum acceptable bid price.

Holders also received accrued interest to the payment date.

Sensata already added that it was continuing to evaluate its alternatives with respect to the notes in light of the number of tendered securities.

The company expected to redeem the 11¼% notes at a redemption price equal to 105.625% of par.

In addition, Sensata said it may elect to redeem some of the 8% notes or 9% notes through open-market purchases or in privately negotiated transactions.

It may also start other tender offers.

This offer was subject to the satisfaction or waiver of certain conditions, including the receipt of sufficient net proceeds to complete the offer. Accordingly, Sensata's ultimate parent company wrapped a $350 million financing transaction, and.

Goldman Sachs & Co. (800 828-3182 or collect 212 902-5183) was the dealer manager. Global Bondholder Services Corp. (866 387-1500 or, for banks and brokers, 212 430-3774) was the information agent and depositary. Lucid Issuer Services Ltd. (44 20 7704-0880) was the information agent and tender agent.

Sensata is an Attleboro, Mass.-based designer and manufacturer of sensors and controls.

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