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Neenah Foundry gets consents, tenders for 100% of 11% notes
By Angela McDaniels
Seattle, Oct. 24 - Neenah Foundry Co. said it had received tenders and consents for 100% of its $133.13 million outstanding 11% senior secured notes due 2010 as of 5 p.m. ET on Monday, the consent deadline.
Accordingly, the proposed amendments to the indenture governing the notes will be adopted and will become operative when the tendered notes are accepted for purchase.
The proposed amendments will eliminate substantially all of the covenants and some events of default and will subordinate the liens securing the notes to liens securing new debt in addition to the liens to which they are already subordinated, according to a company news release.
Noteholders will receive $1,098.93 per $1,000 principal amount of notes tendered, which includes a cash consent payment of $30.00. Noteholders will also receive interest accrued up to but excluding the payment date.
The tender consideration was determined at 10 a.m. ET on Oct. 24 based on the yield to the first redemption date of the notes, equal to the yield of the 4% U.S. Treasury due Sept. 30, 2007 plus 50 basis points.
The tender offer expires at 5 p.m. ET on Nov. 7.
Settlement of the tender offer depends on the completion of a debt offering and the closing of a new revolving credit facility to fund the offer.
Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-0652) and Banc of America Securities LLC (888 292-0070 or 704 388-9217) are dealer managers and solicitation agents for the offer. Morrow & Co., Inc. (203 658-9400 or 800 607-0088) is information agent.
Neenah Foundry is a manufacturer of iron castings and steel forgings in Neenah, Wis.
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