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Alliant Techsystems launches tender offer, consent solicitation for 8½% notes
By Angela McDaniels
Seattle, March 1- Alliant Techsystems Inc. has begun a cash tender offer for its $400 million 8½% senior subordinated notes due 2011 and a consent solicitation to amend the indenture covering the notes, according to a company news release.
The tender price will be based on a fixed spread of 50 basis points over the yield of the 4 5/8% U.S. Treasury note due May 15, 2006 on the determination date, which is expected to be March 14.
Holders will also receive unpaid interest up to, but not including, the initial payment date, which is expected to be March 15.
The tender offer will expire at midnight ET on March 28, according to the release.
Holders who give their consent by 5 p.m. ET on March 14, the consent payment deadline, will receive a $30 consent payment per $1,000 principal amount, a sum included in the total that will be calculated using the 50 basis points fixed spread.
The proposed amendments eliminate substantially all of the indenture's restrictive covenants, some events of default and other selected provisions. Holders who tender their notes will be required to consent to the proposed amendments.
The company said the offer is subject receipt of consents from the majority of noteholders and it raising sufficient proceeds from a debt financing transaction to fund the offer.
D.F. King & Co. Inc. (800 290-6427 or 212 269-5550) is the information agent and tender agent for the offer, and Banc of America Securities LLC (888 292-0070 or 704 388-9217) is the dealer manager and solicitation agent.
Alliant is a weapon and space systems company based in Minneapolis.
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