Dayton Superior starts exchange offer for 13% notes due 2009

By Susanna Moon

Chicago, July 15 - Dayton Superior Corp. said it began a private offer to exchange its 13% senior subordinated notes due June 15, 2009 in a private placement for an equal amount of newly issued senior secured notes due Sept. 30, 2014.

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 three-month 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 offer is expected to end at 11:59 p.m. ET on Aug. 8. The early consent deadline is July 25.

The offer 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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