Stoneridge launches tender offer and consent solicitation for $200 million of 11½% notes

By Susanna Moon

Chicago, July 20 - Stoneridge, Inc. said it began a tender offer and consent solicitation for its $200 million of 11½% senior notes due 2012.

The tender offer expires at midnight ET on Aug. 16. The consent deadline is midnight ET on Aug. 2.

The payment on offer is $1,060 per $1,000 principal amount of the notes, which includes a consent payment of $20.00 per $1,000 for holders who tender notes before the consent deadline. Holders will also receive accrued interest from the last payment date until the settlement date.

The offer is conditioned on closing a new $200 million senior secured term loan facility, according to a press release.

Stoneridge priced the $200 million of notes on April 22, 2004.

Global Bondholder Services Corp. (866 612-1500 or for banks and brokers 212 430-3774) is the information agent, and Credit Suisse Securities (USA) LLC (collect 212 325-7596) is the dealer manager.

The Warren, Ohio-based company manufactures electrical components for the auto industry.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.