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Hasbro gets 83.6% of 8½% notes in tender offer
New York, Dec. 23 - Hasbro, Inc. (Ba3/BB) said that its previously announced tender offer for all of its outstanding 8½% senior notes due 2006 expired as scheduled at midnight ET on Dec. 22, without extension. As of that deadline, holders had tendered $167.257 million of the notes, or 83.6% of the outstanding amount.
All of the tendered notes were accepted for purchase by the company, leaving $32.743 million principal amount of the notes still outstanding and scheduled to mature on March 15, 2006.
The total cost to the company to purchase the tendered notes at the previously announced consideration is $188.99 million plus $3.87 million of accrued interest up to, but not including, the payment date for the notes.
As previously announced, Hasbro, a Pawtucket, R.I.-based maker of toys and games, said on Nov. 24 that it had begun a tender offer for all $200 million of the outstanding 8½% notes.
It set an early tender deadline of 5 p.m. ET on Dec. 8, and said that the offer would expire at midnight ET on Dec. 22, subject to possible extension.
Hasbro said that it would offer to purchase all of the outstanding notes for $1,130 per $1,000 principal amount. The total includes a $20 per $1,000 principal amount early tender premium for holders tendering their notes by the early tender deadline.
Holders tendering their notes after the early tender deadline, but before the expiration, would receive $1,110 per $1,000 principal amount, but not the early tender premium.
All tendering holders would additionally receive accrued and unpaid interest up to, but not including, the payment date for the notes.
On Dec. 9, Hasbro said that holders had tendered $166.789 million of the notes, or 83.4% of the outstanding principal amount, by the early tender deadline, which expired as scheduled at 5 p.m. ET on Dec. 8 without extension.
The dealer-managers for the tender offer were Bear, Stearns & Co. Inc. (contact the Global Liability Management Group at 877 696-2327) and Barclays Capital Inc. (contact the Liability Management Group at 888-227-2275). The information agent was D.F. King & Co., Inc. (800 207-3158).
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