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Aearo gets required consents for 8¼% notes
By Jennifer Chiou
New York, March 10 - Aearo Co. I said it received the required consents in its tender offer for all its $175 million of 8¼% senior subordinated notes due 2012 as of the consent deadline at 5 p.m. ET on March 9.
The Indianapolis-based manufacturer of personal protective equipment solicited consents to amend the note indenture to eliminate substantially all of the restrictive covenants. The company added it expects to execute a supplemental indenture.
The offer is being carried out as part of the previously announced acquisition of Aearo's parent, Aearo Technologies Inc., by Pacer Merger Co.
For each $1,000 principal amount of notes, Aearo is offering an amount based on a fixed spread pricing formula. Pricing will be fixed on the third business day before expiration based on a fixed spread of 50 basis points over the yield on the 3% U.S. Treasury note due Feb. 15, 2008. The total includes a consent payment of $30.00 per $1,000 principal amount that will only be paid to holders who tender.
The offer expires at 8 a.m. ET on March 24.
Aearo will also pay accrued interest up to but excluding the settlement date.
The offer is subject to conditions, including receipt of sufficient consents to approve the indenture changes and the acquisition being completed by or at the same time as the offer expiration. Aearo needs the consent of holders of a majority of the notes.
The company started the offer on Feb. 24.
Bear, Stearns & Co. Inc. is dealer manager and solicitation agent (call collect 212 272-5112 or 877 696-BEAR). D.F. King & Co., Inc. is the information agent (banks and brokers call 212 269-5550; others call 888 644-5854).
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