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FastenTech executes supplemental indenture for 11½% notes
By Angela McDaniels
Seattle, May 1 - FastenTech, Inc. said it executed a supplemental indenture for its 11½% senior subordinated notes due 2011. The supplement indenture includes amendments that will eliminate substantially all of the restrictive covenants, some events of default and selected other provisions.
On April 9, FastenTech announced that it had received enough consents from noteholders to execute the supplemental indenture. The amendments will become operative once the notes are accepted for purchase.
The company began a tender offer and a consent solicitation for the notes on March 22. The consent deadline was April 5, and the tender offer will expire at 5 p.m. ET on May 3.
The tender offer expiration was pushed back from April 26 and, previously, from April 18.
To date, noteholders have tendered and delivered consents for at least $149.42 million, or 86%, of the $174 million of notes, according to a company news release.
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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