Gibraltar wraps offer for 8% notes with no additional notes tendered

By Marisa Wong

Madison, Wis., Feb. 14 - Gibraltar Industries, Inc. said it received tenders for $143.11 million principal amount, or 70.15%, of its $204 million of outstanding 8% senior subordinated notes due 2015 by 11:59 p.m. ET on Feb. 13, the expiration of its previously announced tender offer.

The total amount tendered is unchanged from the amount tendered by the offer's early deadline at 5 p.m. ET on Jan. 30.

The company accepted the early tendered notes for purchase on Jan. 31 and called all remaining notes for redemption.

As previously announced, the company also solicited consents from holders to amend the indenture to eliminate substantially all of the restrictive covenants, some affirmative covenants, some events of default and some conditions to legal defeasance or covenant defeasance.

After receiving consents from holders of a majority in principal amount of the notes, the company amended the indenture.

As reported, the purchase price for the early tendered notes was $1,017.08 for each $1,000 principal amount of notes plus accrued interest. This included a $10.00 consent payment for each note tendered with consents by the consent deadline.

The tender offer and consent solicitation were subject to financing. Gibraltar priced a $210 million issue of eight-year senior subordinated notes at par to yield 6¼% on Jan. 18, as reported by Prospect News.

The dealer manager was J.P. Morgan Securities LLC (800 245-8812 or 212 270-1200). The information agent and tender agent was D.F. King & Co., Inc. (212 269-5550 for brokers and banks and 800 859-8511 for all others).

Gibraltar makes building products and is based in Buffalo.

© 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.