Alliance One starts cash tender for any and all 5.5% convertibles

By Jennifer Chiou

New York, July 17 - Alliance One International, Inc. announced the launch of its cash tender offer for any and all of its $115 million of outstanding 5.5% convertible senior subordinated notes due 2014.

The company is offering $1,030 per $1,000 principal amount of notes. It will also pay accrued interest to the settlement date.

The offer will end at midnight ET on Aug. 16.

The tender is conditioned on, among other things, the redemption of all of the company's 10% senior notes due 2016 and the satisfaction and discharge of the indenture governing those notes prior to Aug. 16, the completion of $790 million aggregate principal amount of new long-term debt financing and an amendment to, or replacement of, Alliance One's $250 million senior secured revolving credit facility to permit the redemption of all of the 10% notes.

As previously reported, the company called the 10% notes on July 1. They will be redeemed at 105 on Aug. 2. The redemption is conditioned on financing.

Deutsche Bank Securities Inc. is the dealer manager (212 250-7527 or 855 287-1922). D.F. King & Co., Inc. is the information agent (212 269-5550 or 800 423-2107).

Alliance One is a Morrisville, N.C.-based leaf tobacco merchant.

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