Actuant to defease 13% notes, remove guarantees on convertibles

New York, Aug. 30 - Actuant Corp. said it deposited enough funds to defease its 13% senior subordinated notes due 2009.

The defeasance will become effective on Nov. 26, the Milwaukee manufacturer of highly engineered position and motion control systems and branded tools said in an 8-K filing with the Securities and Exchange Commission.

At that point, the guarantors of the notes will be released from their obligations.

In addition, the release will also apply to Actuant's 2% convertible senior subordinated debentures due 2023 under the terms of the convertibles.

Actuant on Aug. 4 completed a tender offer for its 13% notes in which it bought 96% of the $29.236 million still outstanding.

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