Acument to fund tender offer for floaters with Cherry Aerospace sale proceeds

By Angela McDaniels

Seattle, Feb. 15 - Acument Global Technologies, Inc. will use a portion of the proceeds from the pending sale of its Cherry Aerospace LLC business to buy back its $193.875 million of senior secured floating-rate notes due 2014, according to a company news release.

The tender offer for the notes expires on Feb. 17. As of Jan. 16, the company had received tenders for all $193.875 million of the notes.

Noteholders who tendered by Dec. 12, the consent deadline, will receive $1,040 per $1,000 principal amount of notes plus accrued interest. All other tendering noteholders will receive par plus accrued interest.

The company is selling Cherry Aerospace to Precision Castparts Corp., and the sale is expected to occur before the end of the first quarter.

Acument is based in Troy, Mich., and provides fastening systems.

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