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Alliant Techsystems to pay $1,047.44 for tendered 8½% notes
By Angela McDaniels
Seattle, March 14 - Alliant Techsystems Inc. said it will pay $1,047.44 per $1,000 principal amount of its 8½% senior subordinated notes due 2011 under its ongoing tender offer and consent solicitation.
The consideration was based on 50 basis points over the yield of the 4 5/8% U.S. Treasury Note due May 15 on March 14. The reference yield and tender offer yield are 4.647% and 5.147%, respectively.
The consideration also includes interest accrued up to but not including the payment date and a consent payment of $30.00 per $1,000 principal amount of notes that will only be paid to noteholders who delivered their consent by 5 p.m. ET on March 14, the consent deadline.
As of the consent deadline, holders of $397.3 million, or 99.3%, of the notes had tendered and submitted their consents, according to a company news release.
Alliant began the tender offer for the notes, of which there were $400 million outstanding, on March 1. The offer will expire at midnight ET on March 28.
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 are required to consent to the proposed amendments.
The company said the offer is subject to 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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