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FastenTech launches tender offer for 11½% notes due 2011
By Jennifer Chiou
New York, March 22 - FastenTech Inc. said it began a tender offer for its 11½% senior subordinated notes due May 1, 2011.
The company is also soliciting consents to amend the note indenture to eliminate substantially all of the restrictive covenants, certain events of default and certain other provisions.
For each $1,000 principal amount of notes, the company said it will pay $1,061.25, which includes a $20.00 consent payment for those who tender by the consent deadline.
The consent deadline is 5 p.m. ET on April 5. The offer ends at midnight ET on April 18.
On Oct. 4, 2005, the company received no response to its cash offer to repurchase up to $11.8 million of the notes.
On Sept. 10, 2004, subsidiaries FabriSteel Products, Inc. and Profile Steel & Wire, Co. sold almost all of their respective assets. According to the notes' indenture, FastenTech was required to use a portion of the proceeds for the repurchase.
The tender is conditioned on receipt of tenders from holders of a majority of the notes, the execution of a supplemental indenture and the completion of the proposed merger of FasTech, Inc. with Dundee MergerCo, Inc., an affiliate of Doncasters Group Ltd.
Credit Suisse Securities (USA) LLC is the dealer manager and solicitation agent (call collect 212 325-7596). D.F. King & Co., Inc. is the information agent (call collect 212 269-5550 or toll-free 800 290-6429).
The company originally issued $175 million of the notes on April 24, 2003.
Based in Minneapolis, FastenTech manufactures and markets specialty components for power generation, military and construction applications.
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