Joy Global receives consents to amend 8¾% notes, sets pricing

New York, May 31 - Joy Global Inc. said it received the necessary consents to amend its 8¾% senior subordinated notes due 2012 and also announced pricing in the tender offer for the securities.

By 12 p.m. ET on May 31, holders had tendered $166.9 million or 99.8% of the notes.

Pricing in the offer will be $1,118.52 per $1,000 principal amount, including the consent payment of $30.00 per $1,000.

The Milwaukee manufacturer of mining equipment announced the tender on May 18 and also said it was also soliciting consents to amend the note indenture to eliminate substantially all of the restrictive covenants and other restrictions.

Holders who tender must consent to the amendments and vice versa.

The tender is subject to Joy Global receiving sufficient consents to amend the notes and obtaining the necessary funding.

The consent solicitation ended at 12 p.m. ET on May 31, and the tender ends at midnight ET on June 15. Holders who tender by the consent deadline will receive the consent payment of $30.00 per $1,000 principal amount.

Pricing in the tender was based on a fixed spread of 50 basis points over the yield to maturity on the bid-side price of the reference security, the 3 3/8% U.S. Treasury note due Feb. 28, 2007, at 10 a.m. ET on May 31.

Joy Global will also pay accrued interest up to but excluding the date of payment.

Deutsche Bank Securities is dealer manager and solicitation agent (contact Liability Management Group at 866 627-0391 or call collect 212 250-2955). Global Bondholder Services Corp. is information agent and tender agent (866 470-3700).

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