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Neenah Foundry cancels tender offer for 11% notes
By Laura Lutz
Des Moines, Nov. 7 - Neenah Foundry Co. terminated its tender offer and consent solicitation for its 11% senior secured notes due 2010 because some of the conditions of the offer were not met, according to a company release.
As a result, the proposed amendments to the indenture governing the notes will not go into effect, contrary to the company's expectation in its announcement on Oct. 24.
As of Oct. 24, the company had received tenders and consents for the entire $133.13 million outstanding principal amount of the notes.
When the offer was announced on Oct. 10, the conditions on the offer included the completion of a debt offering and the closing of a new revolving credit facility to fund the offer.
On Monday, Neenah postponed a planned $225 million offering of 10-year notes, and on Nov. 2 the company abandoned a proposed sale of seven-year floating-rate notes.
The proposed amendments would have eliminated substantially all of the covenants and some events of default and would have subordinated the liens securing the notes to liens securing new debt in addition to the liens to which they are already subordinated.
The offer was set to expire at 5 p.m. ET on Nov. 7.
Noteholders were to receive $1,098.93 per $1,000 principal amount of notes tendered, which included a cash consent payment of $30.00. Noteholders would also have received interest accrued up to but excluding the payment date.
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) were dealer managers and solicitation agents for the offer. Morrow & Co., Inc. (203 658-9400 or 800 607-0088) was information agent.
Neenah Foundry is a manufacturer of iron castings and steel forgings in Neenah, Wis.
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