Accuride launches tender offer, consent solicitation for 9½% notes

By Marisa Wong

Morgantown, W.Va., Oct. 19 – Accuride Corp. said it has begun a tender offer for any and all of its $310 million outstanding 9½% first-priority senior secured notes due 2018.

The company is also soliciting consents to amend the indenture governing the notes. Details of the proposed amendment were not disclosed.

The offer is scheduled to expire at midnight ET on Nov. 16. The early tender deadline will be 5 p.m. ET on Nov. 1.

The total consideration for each $1,000 principal amount of notes tendered by the early tender deadline and accepted for purchase will be $1,006.25. The total consideration includes an early tender payment of $30.00 per $1,000 principal amount.

Holders who tender their notes and deliver their consents after the early deadline will receive the tender offer consideration, equal to the total consideration less the early tender payment, or $976.25 per $1,000 principal amount.

Payment of the total consideration or the tender offer consideration, as applicable, will be made soon after the expiration of the offer.

Accuride will also pay accrued interest to, but not including, the payment date.

RBC Capital Markets, LLC (877 381-2099 or 212 618-7822) is the dealer manager and solicitation agent. Global Bondholder Services Corp. (866 470-3900 or 212 430-3774) is the information agent and tender agent.

The tender offer is conditioned on, among other things, completion of a proposed merger and debt financing (including availability of revolving commitments) totaling at least $300 million.

The company will be acquired by an affiliate of Crestview Partners, as previously announced.

Accuride set a Thursday bank meeting for a $300 million credit facility, as reported on Monday. RBC Capital Markets is leading the deal, which includes a $65 million five-year ABL revolver and a $235 million term loan B.

Accuride is an Evansville, Ind.-based supplier of components to the commercial vehicle industries.

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