Advanced Accessory Holdings extends tender for 10¾% notes

New York, June 30 - Advanced Accessory Holdings Corp. extended its tender offer for its 13¼% senior discount notes due 2011 and subsidiary AAS Acquisitions' 10¾% senior notes due 2011 to 11:59 p.m. ET on Aug. 11 from 11:59 p.m. ET on June 30.

As previously announced on June 23, Advanced Accessory has enough consents to amend subsidiary AAS Acquisitions' 10¾% senior notes due 2011 and on June 19, it announced it received enough consents to amend its 13¼% senior discount notes due 2011.

The fee for the 10¾% notes had been augmented to 6¾% of the principal amount from 5%.

The deadline for the 10¾% notes was at 5 p.m. ET on June 30, extended from 5 p.m. ET on June 19 and before that 5 p.m. ET on June 16.

Following receipt of the necessary consents, Advanced Accessory executed a supplemental indenture for the 13¼% senior discount notes. It will become effective when it pays for the notes.

As announced on June 5, the companies are soliciting consents to amend the note indenture, eliminating all restrictive covenants and events of default. They are also tendering to buy back the securities.

The offers end at 11:59 p.m. ET on June 30.

The companies said they will pay an amount equal to 96% of the principal amount of the 10¾% notes plus accrued interest up to but excluding the payment date.

They will pay an amount equal to 96% of the accreted value of the 13¼% notes on the payment date.

The companies said that they will also pay a consent fee of 5% of the principal amount or accreted value on the payment date for any notes that are tendered by the consent payment deadline - a sum that was increased for the 10¾% notes.

Jefferies & Co., Inc. is the dealer manager and solicitation agent (973 912-2888). CapitalBridge is the information agent (call collect 201 499-3500 or 877 746-3583).

The Sterling Heights, Mich., manufacturer of exterior accessories for the automotive original equipment and aftermarket said the tender is part of its agreement to sell all of the assets of Valley and all Chaas and Advanced Accessory Systems stock to Thule AB.

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