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Dayton Superior once more prolongs exchange offer for 13% notes due 2009
By Jennifer Chiou
New York, Oct. 22 - Dayton Superior Corp. said it again extended the exchange offer for its 13% senior subordinated notes due June 15, 2009, this time to 11:59 p.m. ET on Dec. 1.
The issuer will exchange the notes in a private placement for an equal amount of newly issued senior secured notes due Sept. 30, 2014.
The offer had previously been scheduled to expire at 11:59 p.m. ET on Nov. 5, on Oct. 6 and before that Sept. 5 and Aug. 8. It began on July 15.
The new notes will bear annualized interest in cash at the greater of 12% and Libor plus 900 basis points or, at Dayton Superior's option, in kind at the greater of 12¾% and Libor plus 975 bps.
Dayton Superior said it also is soliciting consents to amend the indenture to eliminate most of the restrictive covenants.
Holders who tender their notes in the exchange offer must also consent to the amendments.
The early consent deadline was July 25.
The company also extended withdrawal rights to 11:59 p.m. ET on Nov. 5 from 5 p.m. ET on July 25.
As of Oct. 21, holders have tendered $63.7 million principal amount of the 13% notes, unchanged from Oct. 3. At Sept. 3, $58.2 million of notes had been tendered, and at Aug. 7, investors had tendered $51.4 million of the notes.
When the offer began, the company said it is conditioned upon holders of at least 95% of the principal amount of the notes tendering their notes by the early consent date.
Dayton Superior said the exchange offer is intended to improve its near-term liquidity and reduce financial risk.
Dayton Superior is a Dayton, Ohio-based manufacturer and distributor of metal accessories and forms used in concrete construction and masonry construction.
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