Jacuzzi to tender for 9 5/8% notes

By Angela McDaniels

Seattle, Oct. 11 - Jacuzzi Brands, Inc. plans to make a cash tender offer for all of its outstanding 9 5/8% senior secured notes due 2010, according to a company news release.

The company issued $380 million of the notes in 2003.

The tender offer is being made in connection with the company's merger agreement to be purchased by affiliates of private equity firm Apollo Management LP for $1.25 billion, including the assumption of $257 million of outstanding debt, net of cash. Jacuzzi Brands shareholders will receive $12.50 per share in cash.

The transaction, which is expected to close in the first quarter of 2007, will be financed through a combination of equity and debt and is subject to the customary closing conditions, including receipt of equity and debt financing, regulatory approval and approval by Jacuzzi Brands' shareholders, according to the release.

Jacuzzi Brands is based in West Palm Beach, Fla., and manufactures branded bath and plumbing products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.