Shaw receives tenders of 93% of 10¾% notes by consent deadline

New York, April 21 - Shaw Group Inc. said it received tenders for 93% of its $250 million principal amount of 10¾% senior notes due 2010 by the consent deadline.

As a result, the company has sufficient consents to amend the note indenture.

As announced on April 4, the Baton Rouge, La., engineering and management services company will pay $1,146.81 per $1,000 note including a $25 per $1,000 consent payment that will only be paid to holders who tender and deliver consents by the consent deadline of April 19.

The offer expires on May 4.

Shaw will also pay accrued interest up to but excluding the payment date.

Funding for the offer will come from a sale of 12.5 million shares of common stock and "additional funds," the company said.

The tender is subject to conditions, including completion of the stock sale and tenders of a majority of the notes.

UBS Securities LLC is dealer manager and solicitation agent, D.F. King & Co., Inc. is information agent and The Bank of New York is tender agent.

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