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Tower holders tender remaining 10 5/8% notes in oversubscribed offer
By Susanna Moon
Chicago, April 23 - Tower International, Inc. said its subsidiaries Tower Automotive Holdings USA, LLC and TA Holdings Finance, Inc. completed the tender offer for up to $275,992,000 of their $361,992,000 of outstanding 10 5/8% senior secured notes due 2017.
Holders tendered all of the outstanding notes by the end of the offer at 12:01 a.m. ET on April 22, and the company accepted $275,992,000 of notes for purchase on a pro rata basis, according to a press release.
Tower extended the tender offer on April 5, with the early tender deadline extended to 5 p.m. ET on April 8 from March 28 and the offer expiration pushed back from April 12.
As of the original early tender date, holders had tendered about $129,575,000 principal amount of notes, and holders were expected to tender at least $150 million more notes by the early deadline.
As noted before, the tender offer was subject to the company obtaining new financing but was not conditioned on the tender of a minimum principal amount of notes.
Tower Automotive upsized its seven-year senior secured term loan B to $420 million from $275 million on April 5, as reported by Prospect News.
For each $1,000 principal amount, the companies will pay $1,140, including an early tender payment of $30, for notes tendered by the early deadline, as announced at the beginning of the offer.
Tower will also pay accrued interest.
The company expects to redeem $43 million of the notes on May 24, with the remaining balance to be redeemed on Aug. 24. The redemption price will be 105 plus accrued interest.
Citigroup Global Markets Inc. is the dealer manager (800 558-3745 or collect 212 723-6106). Global Bondholder Services Corp. is the depositary and the information agent (866 857-2200 or 212 430-3774).
Tower International, previously known as Tower Automotive, LLC, is a Livonia, Mich.-based supplier of automotive metal structural components and assemblies.
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