| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Tenders > News item |
Plastipak completes offer for 10 5/8% notes; tenders unchanged
By Jennifer Chiou
New York, Oct. 22 - Plastipak Holdings, Inc. said that the tender offer for its 10 5/8% notes due 2019 ended with no additional tenders at 11:59 p.m. ET on Oct. 21. Holders had tendered $203,129,000, or 90.28%, of the notes by the consent payment deadline, 5 p.m. ET on Oct. 4.
The offer began on Sept. 23.
The company previously called all remaining notes for redemption at par plus accrued interest on Nov. 13.
Plastipak simultaneously solicited consents to proposed amendments to the indenture governing the notes that, among other things, would eliminate substantially all of the restrictive covenants contained in the indenture. It executed a supplemental indenture to effect the amendments on Oct. 7.
Adoption of the amendments required, among other things, the consent of holders of a majority in principal amount of the outstanding notes, which was satisfied.
The total consideration per $1,000 principal amount of notes validly tendered by the consent payment deadline was $1,138.03, which included a consent payment of $20.00.
Holders also received accrued interest to Oct. 7.
The tender offer was conditioned upon the satisfaction or waiver of the closing of an offering of new senior notes in an amount sufficient to fund the tender offer. Plastipak sold an upsized $375 million of 6½% eight-year notes at par on Sept. 25, as reported by Prospect News.
J.P. Morgan Securities LLC (800 245-8812 or 212 270-1200) was the dealer manager and solicitation agent. i-Deal LLC (212 849-3880) was the depositary and information agent.
Plymouth, Mich.-based Plastipak is a designer, manufacturer and distributor of rigid plastic packaging containers and preforms for consumer products companies.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.