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Accuride gets tenders of $235.01 million of 9½% notes, will call rest
By Wendy Van Sickle
Columbus, Ohio, Nov. 17 – Accuride Corp. said it received and accepted tenders of $235,014,000 principal amount, or 75.81%, under its offer to purchase any and all of its $310 million outstanding 9½% first-priority senior secured notes due 2018.
The company plans to call the $74,986,000 of notes outstanding after giving effect to the tender offer, according to a press release.
The offer began on Oct. 19 and expired at midnight ET on Nov. 16.
The company received tenders of $234,954,000 principal amount, or 75.8%, by the early deadline of 5 p.m. ET on Nov. 1.
By the early date, the company had received more than the amount of consents needed under the concurrent consent solicitation to amend the notes indenture and executed a supplemental indenture to that effect.
The total purchase price was $1,006.25 for each $1,000 principal amount of notes tendered by the early tender date.
The total amount includes an early tender payment of $30.00 per $1,000 principal amount.
Holders who tendered their notes after the early deadline will receive the tender offer payment of $976.25 per $1,000 principal amount.
Accuride will also pay accrued interest to but excluding 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 company will be acquired by an affiliate of Crestview Partners, as previously announced.
Accuride is an Evansville, Ind.-based supplier of components to the commercial vehicle industries.
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