Elgin National plans tender for 11% notes due 2007

By Jennifer Chiou

New York, March 27 - Elgin National Industries, Inc. said it will be required to make a change-of-control tender offer for all of its 11% senior notes due 2007 as a result of its merger that is expected to close on March 29.

The company will offer to repurchase the notes at 101% plus accrued interest.

The Downers Grove, Ill.-based operator of a diverse group of manufacturing and engineering services companies said it entered into an agreement and plan of merger with SHC Investment Partnership, its affiliates and third-party buyers consisting of private equity funds with capital commitments above $1 billion.

Under the agreement, ENI Merger Corp. will be merged with and into Elgin National.

The merger consideration consists of cash, promissory notes and a contingent payment obligation.

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