Greif buys back 99% of 8 7/8% notes during tender offer

By Angela McDaniels

Seattle, Feb. 9 - Greif, Inc. said noteholders tendered $245.61 million or 99% of the company's 8 7/8% senior subordinated notes due 2012 during a tender offer that expired on Thursday.

A concurrent consent solicitation to amend the note indenture to eliminate substantially all of the restrictive covenants and certain events of default ended on Jan. 25.

For each $1,000 principal amount of notes tendered, the company paid $1,028.36 plus accrued interest to the payment date.

The payment includes a $30.00 consent payment for noteholders who tendered by the consent deadline.

The company said it used proceeds from its recent $300 million offering of 6¾% senior notes due 2017 to fund the tender consideration.

Deutsche Bank Securities Inc. (212 250-6008) was the dealer manager and solicitation agent, and MacKenzie Partners, Inc. (800 322-2885 or call collect 212 929-5500) was the information agent.

Greif is an Delaware, Ohio-based manufacturer and seller of industrial packaging products and containerboard and corrugated products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.