Safety Products accepts tenders for all 11¾%, 9 7/8% notes

By Jennifer Chiou

New York, May 16 - Safety Products Holdings, Inc. announced that it accepted tenders for all of its 11¾% senior pay-in-kind notes due 2012 and for all of the company and Norcross Safety Products LLC's 9 7/8% senior subordinated notes due 2011.

The tender offers expired at 9 a.m. ET on May 15, extended from midnight ET on May 9.

On April 28, the company had announced the receipt of consents from holders of $173.85 million, or 99.99%, of its 11¾% senior pay-in-kind notes due 2012 and $152.4 million, or 99.93%, of its 9 7/8% senior subordinated notes due 2011 of the company and Norcross Safety Products LLC at the early deadline.

The consent deadline was 5 p.m. ET on April 25.

The offer was held in connection with the proposed sale of Safety Products to Honeywell International Inc.

The company said that it executed supplemental indentures to allow it to amend the note indentures to eliminate substantially all restrictive covenants and some event-of-default provisions.

Noteholders who tendered received $1,052.50 for each $1,000 principal amount of 11¾% notes and $1,051.88 for each $1,000 principal amount of 9 7/8% notes. The payout included a $30.00 consent payment for notes tendered by the consent deadline.

Noteholders also received accrued interest up to but excluding the payment date.

Safety Products previously said it expected to pay for the offer with funds from Honeywell.

The offers were conditioned on the receipt of tenders for at least a majority of both series of notes, the consummation of the acquisition, the repayment of Safety Products and Norcross Safety Products' credit facility and the receipt of sufficient funds to buy the tendered notes.

If the tender offer had not been completed or if less than all outstanding notes had been tendered, the company said it would have had the right to redeem each series of notes.

The dealer manager and solicitation agent was Credit Suisse Securities (USA) LLC (212 325-4951), and the information agent and tender agent was D.F. King & Co., Inc. (800 431-9643 or 212 269-5550).

Safety Products is based in Oak Brook, Ill., and produces personal protection equipment.

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