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FastenTech further extends tender offer for 11½% notes
By Angela McDaniels
Seattle, April 27 - FastenTech, Inc. said it extended the tender offer for its 11½% senior subordinated notes due 2011 to 5 p.m. ET on May 3 from April 26.
Previously, the deadline was extended from April 18.
As of April 27, noteholders had tendered and delivered consents for at least $149.42 million, or 86%, of the $174 million outstanding amount of notes, according to a company news release.
The company began the tender offer and a consent solicitation for the notes on March 22. The consent deadline was April 5.
On April 9, FastenTech announced that it had received enough consents to execute a supplemental indenture to the note indenture to effect the proposed amendments, which will eliminate substantially all of the restrictive covenants, some events of default and selected other provisions. The amendments will become operative once the notes are accepted for purchase.
For each $1,000 principal amount of notes, tendering noteholders will receive $1,061.25, which includes a $20.00 consent payment for those who tendered by the consent deadline.
FastenTech will also pay accrued interest to the settlement date.
The tender offer remains conditioned on the completion of the proposed merger of parent company FasTech, Inc. with Dundee MergerCo, Inc., an affiliate of Doncasters Group Ltd.
Credit Suisse Securities (USA) LLC (call collect 212 325-7596) is the dealer manager and solicitation agent. D.F. King & Co., Inc. (call collect 212 269-5550 or toll-free 800 290-6429) is the information agent.
The company originally issued $175 million of the notes on April 24, 2003.
Minneapolis-based FastenTech manufactures and markets specialty components for power generation, military and construction applications.
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