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MacDermid begins tender offer, consent bid for $350 million 9½% notes
By Susanna Moon
Chicago, May 22 - MacDermid, Inc. said it began a cash tender offer and consent solicitation for its $350 million principal amount of 9½% senior subordinated notes due 2017.
The total purchase price will be $1,037.50 per $1,000 principal amount of notes tendered by the consent payment deadline of 5 p.m. ET on June 5.
The total payout includes an early tender and consent payment of $30.00 per $1,000 principal amount.
The company also will pay accrued interest up to but excluding the payment date.
Holders who tender their notes after the consent deadline will receive $1,007.50 per $1,000 principal amount.
The offer will end at 11:59 p.m. ET on June 19.
The company is soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants and events of default, according to a press release.
The company must obtain the consents from holders of at least a majority of the notes in order to amend the notes.
The offer is conditioned on the company receiving consents from holders of at least a majority of the notes and the company obtaining a new senior secured first-lien term loan and revolving credit facility and a new secured second-lien credit facility, the company said.
Tendered notes may not be withdrawn after the earlier of the consent date or the date on which the minimum consents condition has been satisfied.
The company said it may redeem any notes that remain outstanding after completion of the offer.
Credit Suisse Securities (USA) LLC (800 820-1653 or collect 212 325-2476) is the dealer manager and solicitation agent. D.F. King & Co., Inc. (800 697-6975) is the tender agent and information agent.
MacDermid is a Denver-based manufacturer of specialty chemical products and provider of technical services for the metal and plastic plating, electronics, graphic arts and offshore oil production and drilling industries.
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