Sequa begins tender offer for any, all 11¾% notes due 2015, 13½% notes

By Jennifer Chiou

New York, Nov. 28 - Sequa Corp. announced the start of cash tender offers for any and all of its $500 million of 11¾% senior notes due 2015 and its $258,005,375 of 13½% senior PIK notes due 2015.

The tender offers are scheduled to expire at 11:59 p.m. ET on Dec. 26.

The company is also soliciting consents to eliminate substantially all of the restrictive covenants and certain related events of default contained in the indenture governing the notes.

If the proposed amendments become operative, Sequa will be permitted to issue a notice of redemption to holders no less than three days before a redemption date instead of 30 days,

For each $1,000 principal amount, the company is offering $1,034.38 for the 11¾% notes and $1,038.75 for the 13½% notes, including a $30.00 consent payment for those who tender by 5 p.m. ET on Dec. 11.

Sequa will also pay accrued interest.

The offer has a financing condition.

Barclays is the dealer manager (800 438-3242 or call collect 212 528-7581). D.F. King & Co., Inc. is the tender agent and information agent (800 769-4414 or 212 269-5550 for banks and brokers).

Sequa is a Tampa, Fla.-based diversified industrial company that operates in the aerospace and metal coatings industries.

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