Clark Equipment terminates consent solicitation for 8%, 8.15%, 8.35% notes

By Jennifer Chiou

New York, Oct. 11 - Clark Equipment Co. said it has terminated its consent solicitation for its $10.25 million of 8% medium-term notes due 2023, $15 million of 8.15% medium-term notes due 2023 and $15 million of 8.35% medium-term notes due 2023.

The company noted that there was no separate consideration for the solicitation and the termination will have no effect on the tender offer.

The tender offer expires at 5 p.m. ET on Oct. 24, previously extended from 5 p.m. ET on Sept. 28.

For each $1,000 principal amount, Clark said it will calculate its payout using the present value of the notes on the settlement date, minus accrued interest to the payment date, discounted using the 4¾% Treasury due May 15, 2017 and 150 basis points for all series of notes.

Holders who tender will also receive accrued interest to the settlement date.

Pricing will be set at 2 p.m. ET on Oct. 22.

As of 5 p.m. ET on Sept. 26, no notes had been tendered.

The offer and consent solicitation were announced on Sept. 17 and are being conducted in connection with the agreement by parent company Ingersoll-Rand Co. Ltd. to sell Clark Equipment to Doosan Infracore Co., Ltd.

Closing of the sale is not subject to completion of the tender offer and consent solicitation.

Clark manufactures heavy equipment such as forklifts and excavators under several brands, including Bobcat. It is a subsidiary of Ingersoll-Rand, which is based in Hamilton, Bermuda.

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