Plastipak tenders, solicits consents for 10 5/8% notes due 2019

By Toni Weeks

San Luis Obispo, Calif., Sept. 23 - Plastipak Holdings, Inc. began a tender offer and consent solicitation for any and all of its 10 5/8% senior notes due 2019, according to a press release.

The total consideration per $1,000 principal amount of notes validly tendered by 5 p.m. ET on Oct. 4, the consent payment deadline, will be $1,138.03, which includes a consent payment of $20.00. Holders who tender their notes after the consent payment deadline will receive $1,118.03 per $1,000 of notes. Holders will also receive accrued interest.

The company is soliciting consents to proposed amendments to the indenture governing the notes that will, among other things, eliminate substantially all of the restrictive covenants contained in the indenture. Holders may not tender their notes without delivering consents and vice versa.

The tender offer is conditioned upon the satisfaction or waiver of some conditions, including receipt of consents of holders of at least a majority in principal amount of the outstanding notes and the closing of an offering of new senior notes in an amount sufficient to fund the tender offer.

J.P. Morgan Securities LLC (800 245-8812 or 212 270-1200) is the dealer manager and solicitation agent. i-Deal LLC (212 849-3880) is 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.

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